Ethereum Sustains Above $317, Unable to Push Above $330 Resistance
Jul 30, 2020 at 10:53 //
News
Ethereum bulls have established its dominance as price reached a high of $330. The biggest altcoin is now trading in a bull market after breaching the resistance at $286.
Unfortunately, the coin is in the overbought region of the market. Sellers have emerged to push prices to $317 low. In the meantime, Ether is consolidating between $317 and $330 after a minor retracement from the recent high.
On the upside, if the uptrend resumes and bulls break the $330 resistance, the market will rally above $360 high. However, a drop to $300 is possible, if the bears break below the $317 support. Presently, Ethereum has been fluctuating between $317 and $330 for the past four days. The market has taken a breath as bulls and bears tussle for price possession above $317.
Ethereum indicator analysis
Ether is above 80% range of the daily stochastic but the stochastic bands are sloping downward. It indicates that the coin is in bearish momentum. The price bars are well above the EMAs as ETH has the chance of a further upward move.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
The recent fluctuation of Ether in a tight range will lead to another breakout if the market resumes the upward move. In the lower time frame, the price bars are above the EMAs while the bulls continue to retest the $330 high. Ether will rally above $366 if the price breaks out while the momentum will extend to the next target price of $480.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow