Finally, the bulls have broken above the $140 resistance as the market reached a high of $154. This is not sufficient to be out of the range-bound zone.
The uptrend must be sustained by the bulls as price rises to reach the previous highs. It is anticipated that if the uptrend is sustained, ETH will reach a high of $200.
This positive move will catapult Ether out of the range-bound and downtrend zones. Perhaps, the momentum will extend to the next resistance at $240.Conversely, if the current uptrend is not sustained, the price will retrace back to the range-bound zone, Ether will resume its sideways move.
Ethereum Indicator Analysis
ETH has risen to level 50 of the daily RSI. Ether was at level 22 when it was in the oversold region. Presently, Ether is approaching the uptrend zone. Ethereum tends to rise if the price is sustained. Buyers are expected to appear in the oversold region.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Buyers have broken the upper price range as the market enters an uptrend. More buyers are anticipated to come out to sustain the uptrend. Unfortunately, any shortfall in the bull’s emergence will affect Ether to linger in the range-bound zone.
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.