Ethereum has made impressive moves in the last 48 hours as the bulls push the price above the $238 resistance. Now the uptrend will be without any constraint because price is over the EMAs. Secondly, the market will be in an uptrend as the bulls emerge from the oversold region. Presently, the bulls have broken the initial resistance at $238 and moved up.
Ether is now in the range between $238 and $286. Possibly the next target resistance will be the $286 price level. Nonetheless, as the bulls break through the resistance, the price seems to be retracing from the recent high of $246. For the market to continue its upward movement, price must be maintained above the EMAs.
Ethereum is out of the oversold region as the stochastic bands are above the 40% range. This implies that the market is in bullish momentum. The upper horizontal line will be broken if the bullish momentum is sustained.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum has made an excellent move as the bulls break the resistance at $238. What remains is for price to be stable and sustained above the EMAs. However, the price is retracing after the recent high, if the support is not well defended, the bears may break below $238. It will be another price tussle for the market to return to the range-bound zone.
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.