Ethereum Declines, Upward Move Likely if Price Breaks Above $350

Ethereum bulls have been repelled at the $370 high after failing to reach the previous high. Buyers made frantic efforts to push the coin to the previous high at $390.

The bulls attempted the $370 resistance twice but could not break above it. The coin was rejected at the $370 resistance as the market declined to $336 low. 

The downward move is likely to continue as price breaks below the $350 support and retested it. However, if the price is sustained above a $350 high, the bearish scenario will be invalidated. The price is falling and approaching the previous low at $313. The downtrend will continue if the bears break below the support at $313.

Ethereum indicator analysis

The price retested the 26-day EMA and resumed a downward move. ETH is likely to fall as it is below the EMAs. The crypto is below the 50% range of the daily stochastic. This implies that the coin has bearish momentum.

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120

What is the next direction for Ethereum?

Ethereum is likely to fall as the market is in the bearish trend zone. Meanwhile, On September 23 downtrend, the last retraced green candle body tested the 50% Fibonacci retracement level. This suggests that the biggest altcoin will further depreciate to the 2.0 Fibonacci extension low or a low at $234.55.

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.