About 48 hours ago, buyers pushed ETH above the $248 resistance but unable to sustain the uptrend. Consequently, the price dropped to $236 low. The market corrected upward to $242 high.
However, after the retest, the market is still on a downward move. Ether will be compelled to a range-bound move between $230 and $250 if the bulls fail to break the $248 resistance. On the upside, a break above $248 will propel price to rally above the $253 overhead resistance. The momentum will continue to the $288 high. In the meantime, Ethereum is above $236 support but it is trading at $240 high at the time of writing.
Ethereum indicator analysis
From the daily chart, the price bars are above the 12-day and 26-day EMAs. ETH is capable of rising if the support above the EMA holds. The biggest altcoin will be weakened if the price breaks below the EMAs. The coin is presently below 80 % range of the daily stochastic. It indicates that the coin has bearish momentum. Sellers have emerged to push prices down. The market is still consolidating above the EMAs.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
The main hurdle of Ether is to jump over is the resistance at $248. Buyers have made the first attempt to jump over the resistance but failed. The price is consolidating above $236 support. A strong bounce above the current support can breach the resistance at $248. A sideways move below the resistance is likely if the various options fail.
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.