Ethereum's current fluctuation may linger on for some time as the market drops to $129. Earlier on the bulls have been making concerted efforts to break the resistance at $140.
The bulls have been trading close to the resistance in the previous week but price has dropped to $129 and may continue to drop. Certainly, this will extend the period of range-bound movement between $100 and $140. Nonetheless, there is a possibility of breaking a resistance level when the price is close to the breakout level. On the downside, if the market continues its downward move and breaks below $120, ETH will drop to the low at $100. Nonetheless, Ethereum may resume its fluctuation between $100 and $140.
As the pair continues its fluctuation, the market is approaching the resistance line of the descending channel. Meanwhile, Ethereum is above 50% range of the daily stochastic. This indicates that Ethereum is in a bullish momentum in the short term trend.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is continuing its consolidation between $100 and $140 but may continue its downward move. Traders should come in to initiate long orders if the bears decide to take the price to its low. It is unlikely if the downward move will go below the previously oversold region.
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.