Ethereum Engages Next Major Resistance as Underlying Strength Grows

Ethereum bulls are unrelenting as buyers continue to push toward the $240 resistance zone. For the past two weeks, Ether has been consolidating between $225 and $240, to revisit the $250 high.

The biggest altcoin is trading at $235 at the time of writing. Buyers have to break the $240 resistance for uptrend resumption. Before now, Ethereum has attained a peak price of $250 twice before the recent breakdown. 

On the upside, if a breakout occurs, it will propel price to break through the resistance of $240 and $250. The momentum will extend to $280 high and the crypto is likely to be out of the bear market. However, if the coin fails to push above the resistance zones, the current consolidation will continue. Meanwhile, ETH is approaching the $240 resistance zone.

Ethereum indicator analysis 

The coin is rising as bulls attempt to break above the support line. A break above the support line will accelerate the upward movement of the coin. In the same manner, if the price breaks above the EMAs, the coin will begin to rise. ETH is above the 40% range of the daily stochastic. It indicates that the market has bullish momentum.

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

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

What is the next direction for Ethereum? 

Ethereum’s uptrend is intact as bulls continue to make positive moves. The coin will break the current resistance if the bullish momentum is sustained. The crypto rebounded today after the coin reached a low of $227 low. Another rebound will take ETH out of the resistance zone.  

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.