Ethereum Trades below $380 Resistance, Eyes a New High of $460

Ethereum has been trading below the $380 resistance since October 14. Buyers have been making a concerted effort to break the resistance at $380 so to resume the upside momentum.

Today, the bulls were resisted at the $380 resistance as the price fell to a $373 low and resumed upward. This has been the market condition since the coin was repelled at the $395 overhead resistance. 

The $380 resistance is the major impediment to the upward movement of the coin. Nevertheless, if buyers fail to push the coin above the $380 resistance, the coin will fall. Presently, the price is on a downward move. The downtrend will resume if the price retraces below the $350. This will push the further to the $310 low. In the meantime, Ether is still fluctuating above $370 support and the crypto is trading in the bullish trend. 

Ethereum Indicator Analysis

Ethereum is at level 55 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. Since the price is above the SMAs, the coin will continue to rise. The upward move is being restricted because of the resistance at $380.

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

Key Support Zones: $160, $140, $120  

What Is the Next Direction for Ethereum?

The previous uptrend on October 12 was resisted at $395. Since the resistance, the market has been on a downward move. The retraced candle body tested the 50% Fibonacci retracement level. This retracement gives the impression that the coin will rise and level 2.0 Fibonacci extension or the high of $460.60

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