Ethereum Springs Upward but Stuck at $148
Ethereum rose to a high of $148, after a successful defense of the $136 low. The coin now fluctuates between the $142 low and $148 for the past three days. This is in view of the two unsuccessful attempts at $148. The fluctuations will bring the price movement to stand still. Meanwhile, Ethereum has the tendency to rise because the price is above the EMAs.
At the end of fluctuation, the bulls have to jump over two hurdles for the coin to rally above $160. The bulls must break the resistance at $148 and $157 before it can rally above $160. Regrettably, a break below $142 will compel Ethereum to fall to $136 low. However, selling pressure will resume if the $136 low cracks.
Ethereum Indicator Analysis
Hopefully, Ethereum (Ether) is still trading above the EMAs. There is a probability that the market will rise. However, if the price falls below the EMAs, our view will be bearish. Presently, the coin is at level 55 of the daily RSI indicating that it is above the centerline 50. We are expecting the coin to further rise.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
The coin has the chance to rise if the bulls maintain the price at the current level. Moreover, the coin is also at the point of a bullish crossover. This will guarantee its upward move. Meanwhile, the coin is falling and approaching the low at $142. If the support holds, Ether will continue its fluctuation as it moves up to retest the resistance at $148. The situation will remain until the coin encounters a breakout.
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.
Source: Read Full Article