Ethereum made a sharp move above the range-bound zone. The recent move was cut short at the $175 resistance. Incidentally, this was a close shave at the resistance line.
Presently, ETH is in a sideways move below the current resistance. Each time, the bulls attempt to penetrate the $175 resistance; the market will fall to a low of $165. The bulls are desperate as the market consolidates below $175 resistance.
Interestingly, if the bulls are successful above the current resistance, ETH will rally above $200 and the momentum will extend to the high of $240. Ethereum stands the chance of another opportunity if the bulls break the resistance line. It is anticipated that as price breaks and closes above the resistance line, it signals a change in trend. Meanwhile, the market is still in a sideways move towards the resistance line.
Ethereum has risen to level 60 of the Relative Strength Index as it reaches a high of $175. The index was at level 22 when ETH fell to a low of $101. At the oversold region, the bulls emerged to push prices upward. The pair has risen by 57% after the bulls’ emergence. Ether has another chance of uptrend resumption once the resistance line is breached.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum has resumed an upward movement after one month of consolidation. ETH is likely to rise as price bars are above the EMAs. The upward move is assumed to continue if the bulls sustain price above the EMAs.
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.