After its impressive runs, Ethereum forms a range at the top of the chart. Ether fluctuates between $238 and $288 as indicated by the blue horizontal lines. The range that was formed included two tops.
The bulls have made two separate upward moves in a bid to break the current resistance. The bulls retraced to the lower price range as the moves were unsuccessful.
Eventually, if the resistance is breached, ETH will reach a high of $325. Similarly, if the bears succeed in breaking the lower price range of $238, the coin will reach a low of $200. Nonetheless, Ether is still fluctuating within the price range.
Ethereum is trading below the 80% range of the daily stochastic. This indicates that ETH is in bearish momentum. The pair may still fall within the price range. Initially, the bulls made concerted efforts to break the current resistance but were repelled. The reason is that ETH was in the overbought region. At that region, buyers were unavailable to push Ether upward.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is currently fluctuating within the price range. This fluctuation is in preparation for a possible breakout or breakdown. At present, the price is above the EMAs, an indication that the uptrend is ongoing. The bulls will continue their upward move shortly.
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.