Today, buyers have retested the $400 resistance but were unable to break above it. This isn’t the first time the resistance will be retested since the price tussle began on August 5.
Ether rebounded on August 5 but could not break the resistance. The subsequent downward move and buyers prompt response made the biggest altcoin to be range-bound between $380 and $400.
Buyers are unrelenting as the resistance can be retested at a close range. This is an indication that price can easily break the resistance at a close range. As price continues to retest the resistance, the first breakout to look out for is the $480 high. Subsequently, the momentum will extend to the $540 price level. In the interim, if buyers fail to break the resistance, the fluctuation below the current resistance will continue.
Ethereum is currently in a tight range between $380 and $400. Ether is falling after rejection at the $400 resistance. If the price breaks the support line or the $380 support, ETH will drop to $320 low. However, if the support line holds, the range-bound movement will continue.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
The Ethereum uptrend is intact as the price is above the EMA. Recently, a red candle body tested the 0.236 Fibonacci retracement level in the August 5 uptrend. It indicates that Ethereum will rise and reach the 4.236 Fibonacci extension level. That is, the market will rise and reach a high of $540.
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.