Finally, buyers made a successful attempt to overcome the resistance at $136. The present move is not substantial as ETH is facing resistance at $140. The pair is retracing and if it is allowed to continue, it will wipe away all the bullish gains. Possibly, the price could drop to $128 low. The bulls are to ensure aggressive buying so that the price is sustained over $136.
Ethereum may return to its range-bound movement if it slides below $136. Alternatively, the coin might drop to either $120 or $124 low. Meanwhile, there is the possibility that the bulls may succeed in breaking above the $140 demand zone. A successful breakthrough will catapult the coin to rally above $160.
The major bullish move is the breakout above the EMAs. This indicates a positive signal that ETH is rising. The price bars must be sustained over the EMAs to ensure continuous bullish move. ETH is pushing higher above 75% range of the daily stochastic.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
ETH looks promising as it makes an upward move. The current breakout only moves price to retest $140 high. The major test is the breaching of the $140 demand zone. If the bulls overcome the current resistance, it will propel the coin to reach the larger price range and resume its uptrend. Despairingly, if the bulls fail to overcome the $140 demand zone, there is a tendency for ETH to fall. Traders may place buy orders if there is a breakout at $140.
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.