Ethereum Ranges between $380 and $400 for a Possible Upside Rally

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 indicator analysis 

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

What is the next direction for Ethereum?

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.