Ethereum bulls have made a tremendous move as price broke the $240 resistance and rebounded above $245 support. The biggest altcoin has risen to a high of $270 but made a pullback.
The recent bounce has breached the previous overhead resistance at $253. The bulls have to battle the last resistance at $286. ETH is currently trading at $265 at the time of writing. The current resistance at $265 is the previous price level in February.
The bulls broke this resistance in February as the market reached a high of $286. Nonetheless, the previous high could not be sustained because of the formation of a bearish double top in February. Today, the upward move can be sustained if bulls defend the $260 support. On the upside, a break above $260 will propel price to breach the $286 overhead resistance. ETH will fluctuate below the $270 resistance if the bulls fail to break the resistance.
The price is far above the EMAs which suggests the rise of Ethereum. The coin is also approaching the overbought region of the market. Presently, Ether is above 70% range of daily stochastic. The EMAs are sloping upward indicating the uptrend.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is approaching the last resistance at $286. The uptrend is facing resistance at $265 and $270. A rebound above $260 will catapult the coin above the $286 overhead resistance. A sideways move below the resistance will follow if the bulls fail to break the 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.