Ethereum price holds above $170 price level after failing to sustain in the bullish trend zone. The coin continues to face selling pressure as the price makes a downward move.
Ethereum has not made significant price movement as it faces selling on minor rallies. During the past four weeks, ETH has been trading over the $160 price level. Presently, it is fluctuating above the $170 price level after making attempts to rally over the $200 price level.
The bears have been sinking ETH gradually after the price upward move. From the price action, the price is in the bearish trend zone and as such the gradual fall may continue. Expectantly, Ethereum may possibly revisit the previous level of $160 price level.
The bearish trend line has been the major hurdle for the bulls to jump over. Each time the market tests the bearish trend line, the pair will descend to the bottom of the chart. The bulls have made three attempts at the downtrend line but failed as the price continues to drop. The price is below the EMAs which explains the reason for price fall. The RSI period 14 level 44 signals that the price is in a sideways movement.
Certainly, ETH is expected to revisit the previous low at the $160 price level. The Fibonacci tool has indicated that the price will fall and test the 1.272 extension level. In other words, the coin will fall to the equivalent of the $160 price level. However, if the bulls can push the price upward and break the bearish trend line; the coin will resume a bullish movement.
Key Supply Zones: $240, $280, $300
Key Demand zones: $200, $160, $120
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.