Ethereum is Consolidating as Bulls and Bears Tussle at the Bottom of the Chart

Ethereum is heading southward after testing the $151 and $157 price levels. Ethereum may revisit or breach the previous low at $140.

Ethereum Price Long-Term Analysis: Bearish

Surprisingly, after retesting the resistance zones, ETH resumed its downward move. About two weeks ago, ETH fell southward and reached the support at $140. The price moved up and retested the $157 and $151levels but could not have a breakthrough. Expectantly, the resistance zones of $160 and $150 have continued to be a hurdle to jump over.

Ethereum has been falling for the past four days.  At this critical moment, if the low at $140 is breached, it suggests that the downtrend is unavoidable. It is possible that  ETH will fall and find support at $131. Alternatively, the previous low may hold with the presence of more buyers at the current level and the Ethereum will rebound and retest the resistance zones.

Ethereum Indicator Analysis 

The MACD lines are far below the zero lines which suggest that the market is a bear market. Presently, the MACD line and Signal line are beneath the zero line which gives a sell signal. Ethereum will move up if the price breaks above the EMAs. Then ETH will rise and attain the previous highs.

Key Supply Zones: $220, $240, $260

Key Demand Zones: $160, $140, $120

What Is the Next Direction for Ethereum? 

Ethereum has fallen southward after retesting the resistance zone. Undoubtedly, it is expected of the coin to reach the low at $140. What is not clear is whether the coin will continue to fall or not. Meanwhile, traders should look out for trade opportunities like a buy set up in an anticipation of a bull market.

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.