Yesterday, buyers pushed Ether to a $244 high after it had initially fallen to a $236 low. Before now buyers intended to breach the $253 overhead resistance.
In the process of pushing above $248 resistance, ETH has a bearish reaction. The coin dropped to $236 low. The current upward move has been restricted below $244 resistance. From every indication, Ethereum will be fluctuating between $236 and $244 price levels.
The coin will be trading in a tight range. However, if the consolidation continues, there is likely to be a possible breakout. Any breakout will push Ether above the last resistance level. The price will accelerate up to the $288 high. Conversely, if the bears break below the $236 low, the coin will sink back to $224 low. In the meantime, the crypto is still trading between $236 and $244.
Ethereum indicator analysis
The market is still trading above the EMAs. It suggests a possible rise of the coin. The coin is trapped below $244 resistance as the price continues to consolidate above $236. Buyers are to defend the current support to sustain the upward move.ETH is below 80 % range of the daily stochastic. The stochastic bands are making U-turn upward.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
In its recent uptrend, the market is consolidating between $236 and $244. The bulls have made two attempts to breach the overhead resistance. Buyers have been overwhelmed as Ether is confined to a range-bound movement. The bulls are still attempting to break the $244 resistance.
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.