Ethereum price has continued to accelerate on the upside after the breaching of the $253 resistance. The biggest altcoin is in a strong trend as price movement is without a pullback.
It is currently trading at $320 at the time of writing. The bulls have succeeded in breaking above the next resistance before $300.
In other words, the king coin has broken above the bear market which commenced in February. Nonetheless, buyers have to sustain prices above $320 support for the continuity of the uptrend. Ether will rise to $370 if the support above $320 is held. Conversely, if the bears break below $320 support, ETH will be compelled to a sideways move for a couple of days.
Ether has been trading in the overbought region for the past five days. The crypto is above 80% range of the daily stochastic. The market is said to be in a strong bullish momentum. The EMAs are sloping upward indicating the uptrend. Ethereum will continue its rise as long as the price is above the EMAs.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is now in a bull market trading above $320 high. The market is expected to reach a high of $370 if the current support holds. The crypto will continue its upward move as the coin breaks above the resistance line of the ascending channel. The reverse will be the case if the price falls below it.
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.