On October 8, Ethereum recovered as the coin rebounded at the low of $335. The new uptrend was made stronger as it rebounded again above the $350 support to reach a high of $365.
This is insufficient to push Ether to resume upside momentum. Ethereum is capable of a further upward move if buyers push the biggest altcoin above the $380 price level. Today, Ether is trading at $377 at the time of writing.
The biggest altcoin has broken the resistance at $370 and it is about to push above the $380 high. If it does, Ether will be in the bullish trend zone. The upside momentum will resume. The altcoin is expected to rise above the $400 region. Conversely, if the price fails to break above the $380 resistance, the crypto will be compelled to a sideways move below the resistance. Perhaps the bulls will defend the $350 support for the continuity of the current uptrend.
Ether price has broken above the resistance line of the descending channel. The implication is that the coin has begun the resumption of bullish movement. The price has also broken above the SMAs which suggests the upward movement of the coin. The crypto is in a bullish momentum as it is above the 70 % range of the daily stochastic. Also, ETH is approaching the overbought region of the market.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Certainly, Ethereum will be in the bullish trend zone once it breaks above the $380 high. On September 27 uptrend, the crypto was resisted as the retraced candle body tested the 50% Fibonacci retracement level. This indicates that ETH will rise and reach level 2.0 Fibonacci extension or $432.56 high.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.