ETH’s failure to bounce has compelled the market forces to reach equilibrium. Recently, the $160 as well as $200 has been tested twice on two occasions. Yet the coin persists to operate in a sideways trend as the critical levels remain unbroken. ETH is encountering difficulty at the $200 after failing to triumph over it on four occasions.
This has resulted in the price fluctuating horizontally. Specifically, if the $160 is broken, the selling force will recommence. Similarly, if the $200 is broken, ETH will shoot up to a $240 supply zone.
Recently, ETH tested the lower as well as the upper horizontal channel. The direction of the market will be depended on when the horizontal channel is breached. The EMAs are moving horizontally representing that ETH is ranging.
Key Supply Zones: $280, $320, $360
Key Demand zones: $120, $80, $40
ETH may range for a few more days before a price breakout or breakdown. The coin is still ranging in the horizontal channel. However, the price has already broken the bear line which is a positive sign that price is rising; but the risen price is facing resistance at the $200 price level. Traders should abstain from trading as the market is horizontally flat.
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.