Yesterday, Ethereum has continued its impressive bullish run as it reached a high of $288. In the previous day, the biggest altcoin surged to the high of $280.
It made a pullback to $270 low and continued the bullish run to $288 high. Ether has retested the next resistance at $286 as the coin is trading below it. After a minor retracement from the recent high, ETH fell to $283 at the time of writing.
The present surge into the previous highs will continue if the bulls sustain hold above the $280 price level. On the upside, if the coin rebounds above $280 support, the price will break the $286 resistance and rally above $300. Meanwhile, the uptrend is ongoing after the retracement.
The recent price surge has compelled ETH to trade within the ascending channel. The price broke above the support line and continued the upward move. The market will rise as long as the price is sustained above the EMAs. The coin is above level 75 of the Relative Strength Index period 14. It implies that the coin is in the uptrend zone.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is now testing the next resistance at $286, if the bulls break above the next resistance ETH will be out of the bear market. In the meantime, the coin is facing resistance at the $286 price level. The market is supposed to rally above $300 if the next resistance is breached.
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.