Ethereum Price Analysis: Ethereum makes an upward move after the bears fail to break the $160 demand zone. ETH/USD pair targets the $240 price level as the price continues its upward move.
Ethereum’s recent pullback by the bulls has resulted in an upward price movement. The bears had made repeated attempts to break the $160 demand zone but were well supported by the bulls. For the past four weeks, the bears came close on three occasions to break the demand zone. At the same time, the market made upward corrections.
Nevertheless, the bulls have broken the $180 price level and the price is sustained over it. ETH price will rise as more buyers come in at the demand zone. However, the coin will face initial resistance at the $220 price level.
The price has broken the bearish trend line and the candlestick closed above it. This is the fifth time the bulls have made attempts at the bearish trend line before breaking through. It is a positive sign that Ethereum is likely to rise.
Nonetheless, if the bulls break through the $220 and $240 price levels, the coin will be out of the downtrend zone. Ethereum is trading above the 60% range of the stochastic indicator which means that price is in a bullish momentum.
The ETH/USD pair will rise as long as the price is above the bearish trend line. As the market rises, ETH may face resistance at the $220 price level. A bullish break at the resistance level will make the coin reach a high of $240 price level. However, if the bulls failed to break the initial resistance, the coin will fall and move in a sideways trend.
Key Supply Zones: $240, $280, $300
Key Demand zones: $200, $160, $120
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.