After the incursion into the $248 and $245 highs, Ethereum bulls failed to push ETH above the $253 overhead resistance. Yesterday, the price dropped to $238 low after buyers failed to breach the $245 resistance.
The market has been fluctuating between $236 and $244 but the current price range has been broken. On the upside, if there is a strong bounce above $240, the momentum will accelerate price movement to break the resistance at $244 and $248. The price will rise and extend to break the $253 overhead resistance.
If the bulls are successful above the overhead resistance, Ether will move up to $280 high. At this high, Ethereum will engage the last resistance at $280 to break it. The market will rise to $320 high if the momentum can clear the last resistance. On the other, if the bulls fail to break the $245 and $248 resistance, ETH will fall and resume a downward move.
Ethereum may fall as price bars are below the 12-day EMA and the 26-day EMA. ETH is below the 80 % range of the daily stochastic. The coin is in a bearish momentum as price reaches the low of $230.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
For the past week, the coin has been trading between $236 and $244 after failing to breach the $253 overhead resistance. The biggest altcoin will resume uptrend when the $244 and $248 resistance are cleared. The danger is that the bulls must not fail to sustain the price above $236 support.
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.