Ethereum bulls rebounded yesterday but failed to break the $240 resistance. The biggest altcoin has been consolidating above $230 after the last bearish impulse on July 16.
The price is now fluctuating between $230 and $240 as bulls attempt to break the $240 resistance. After an initial failure to break the current resistance, buyers are retesting to push ETH above $240. On the upside, a break above $240 will accelerate price movement to breach the $248 and $253 overhead resistance.
However, the bears may attempt to break the $230 support if the bulls fail to break the current resistance. A break below $230 will push the altcoin to $224 support. The support at $224 is likely to hold. Ether will rebound at this low to reach the previous highs. The price action of July 6 may repeat itself. That is the coin will rebound and reach the previous high of $48.
Ethereum indicator analysis
The crypto has the chance of rising as price breaks above the EMAs. The current resistance is likely to be broken if the current momentum is sustained above the EMAs. Ether may negotiate a downward move if price breaks below the EMAs. The coin is above the 40% range of the daily stochastic. This indicates that ETH has bullish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
The recent rebound is a sign that an upward move is likely. The bulls have to break the resistance at $240 for the coin to accelerate to the upside. Buyers have made concerted efforts to break the resistance at $240 for the past week. The price is hovering above $238; a rebound above this level will break the current 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.