Ethereum Sustains Recent Rallies but Struggles Between $395 and $400 Resistance Zones

The bulls have been able to sustain the current momentum as the next resistance is being broken. The biggest altcoin will rally to a $475 high if the bulls break the $395 overhead resistance.

However, sellers may want to defend the overhead resistance at $395. In the previous encounter, sellers pushed prices to $361 low before the resumption of a fresh uptrend. Nonetheless, if the bulls fail to break the overhead resistance convincingly, Ether will fall and show signs of weakness. In the meantime, Ethereum is trading above $395 but below $400 high at the time of writing.

Ethereum indicator analysis

The moving averages have made bullish crossover as the 21-day SMA crosses over the 50-day SMA. This gives a trader a buy signal. Besides, the price bars are well above the SMAs which indicate that the coin is rising. Ether is in a bullish momentum as it is above the 70% range of the daily stochastic.

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

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

What is the next direction for Ethereum?

Ethereum bulls have made impressive moves as they attempt to break the resistance at $395. According to the Fibonacci tool, a retraced candle body tested the 61.8 % Fibonacci retracement level. This indicates that the market will rise to the 1.618 Fibonacci extension level. This is equivalent to a high of $430.65. Nevertheless, from the price action, the Ether will further move up to a high of $475.

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.