Ethereum Ranges after Testing the Overhead Resistance

As usual, if the bulls defend the support to its fullest, the coin will resume its range-bound movement. In retrospect, in September Ethereum was in a range between $160 and $200. Ethereum traded in the range for three months before the range was broken in November. The bulls have taken back the coin to its previous range.  

Ethereum Indicator Analysis 

Ethereum is still trading in the bullish trend zone as the EMAs provide support for it to rise. Nonetheless, the support will be ineffective if the price breaks below the EMAs. In this case, selling pressure will resume. Ether is currently below 80% of the daily stochastic but the bands are making a U-turn. This indicates that the trend has changed to bullish momentum.

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

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

What Is the Next Move for Ethereum? 

Lately, Ethereum has established itself in a sideways move. Neither the bulls nor the bears are capable of overcoming the other. Assuming Ether has more buyers at a higher price level, the $173 would have been breached. Then the coin will rally above $200. The strength of the bulls is within the lower price range.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.