Ethereum Shows Sign of Strength as It Breaks Initial Resistance at $230

Ether has recovered after its dismal fall to $216 low as it moved up above $225 high. The biggest altcoin has been consolidating between $230 and $250 to retest the overhead resistance.

Ethereum has moved up after the $230 support was broken. Since July 1, buyers have been attempting to break the minor resistance at $232. 

On the upside, a break above $232 will accelerate price movement to the $253 overhead resistance. However, if the bulls fail to break the current resistance, the bears may take advantage to break below the $216 support. The decline will reach critical support at $200. Meanwhile, the biggest altcoin is consolidating above $225.

Ethereum indicator analysis 

After the recent breakdown, the price bars are below the 12 and 26-day EMAs. This suggests that the coin is likely to fall. ETH will resume an upward move if it breaks above the EMAs. Presently, it is trading above the 25% range of the daily stochastic. It indicates that the market has bullish momentum. However, the price action is indicating price fluctuations.

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120

What is the next direction for Ethereum? 

Ethereum is rising as it consolidates above $225 support. The coin has broken the resistance at $230 at the time of writing. On the upside, a break above $240 resistance will propel price to rally above the EMAs. Ether will return to the previous price range if it fails to break the $240 resistance.

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.