Ether breaches more resistance levels as it approaches the resistance zone of $250. The coin has earlier rebounded twice to break the previous overhead resistance at $227 and pushed to a new high of $247.
Unfortunately, at the new high, Ethereum reached the overbought region, compelling sellers to emerge to push prices down. ETH has already retraced to $230 low and buyers are negotiating an upward move to retest the $250 resistance zone.
The current retracement has been terminated giving way for the bulls to take control of price. The biggest altcoin is currently trading above $240 support. On the upside, a rebound above $240 will propel price to break through the $250 resistance and rally above $260. The momentum can extend to a $280 overhead resistance level. Ethereum will be out of the bear market if the bulls are successful.
Ethereum is now trading above the 80% range of the daily stochastic. The stochastic bands are horizontally flat above the 80% range indicating that the altcoin may perhaps be in a range-bound movement for a few days. However, the overbought condition may not hold in a trending market.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
The biggest altcoin has one more hurdle to jump over before the overhead resistance at $280. As Ether is in the overbought region above 80% range, the market is said to be in a strong bullish momentum. There is the possibility of a further upward movement of the coin.
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.