Ethereum’s upward move has been hampered and price consolidation has continued unabated. Ether is in solitary confinement in the oversold region of the market. Earlier on the pair has dropped to the low of $220 since February 29 and became oversold. By default, selling pressure has been exhausted, while price consolidation has continued.
Meanwhile, in the oversold region buyers are expected to emerge to push ETH upward to the previous highs. At the moment, buyers have not fully emerged in the oversold region. On the upside, if buyers emerge, ETH will rise and the resistance at $238 may be breached. The current momentum may be sustained as price pushes into the range-bound zone of $238 and $286. In the interim, the market is still consolidating above $220.
Ethereum is now making a U-turn above the 20% range of the daily stochastic. This indicates that bullish momentum is likely to happen. Then we should expect the price to rise.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum has remained in the oversold region for over a week as bulls fail to emerge. This affected price to continue its consolidation above $220 support. It is anticipated that the market will be in an upward move and the current consolidation will be broken. Traders should look out for a buy setup to initiate long trades.
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.