Ethereum has continued its bullish run as buyers were able to push ETH above the previous resistance at $340.
They were initially stopped at the $340 resistance as the market dropped to $330 low. There was a quick recovery as price broke the resistance and push to the previous highs. Today, ETH has broken above $340 and it is approaching the high of $360 at the time of writing. The upside rise will face minor resistance but it will propel price for a further upward move.
There are chances of an uptrend as price is above the 12-day EMA. As price broke above the initial resistance, the biggest altcoin is likely to face another resistance at $360. On the upside, if the coin bounces above $360, price will rally above $370 high. Conversely, if price retraces and breaks below the $340 support, the market will drop to $330 low.
Ethereum indicator analysis
The price has remained consistently above the EMAs. This is an indication that the uptrend is ongoing. Also, price broke the resistance line of the ascending channel and closed above it. It implies that the market will rise. Ethereum is in a bullish momentum as price is above 80% range of the daily stochastic.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
From the indicator reading, it is clear that the uptrend is continuing. The 1-hour chart of July 30 uptrend reached a high of $340. A red color candle body tested the 0.50 Fibonacci retracement level. This indicates that price will rise and reach level 2.0 Fibonacci extension level. In other words, the market will rise to $366 high. In a couple of days we expect the market to reach the expected level on the chart.
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.