After the latest bearish impulse on March 12, the market fell to a low of $100. The bulls make an upward move to reach a high of $120. The upward move becomes impossible as ETH trades below the $120 resistance level. On March 19, the bulls bought at the low of $120, and ETH moved up above the $140 price level. This positive move by the bulls was interrupted at the $145 resistance.
Ethereum retraced to a low of $133. The market is currently consolidating above $130. Nonetheless, if ETH turns down from this level, the market will reach a low of $117. Presently, ETH is facing rejection at the $140 resistance. An upward move is possible if the bulls continue to buy intermittently.
Ether is not out of the oversold region as it is below the 20% range of the daily stochastic. The bulls are yet to emerge in the oversold region as the stochastic bands are ranging horizontally.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is now trading above the $120 support but below the $140 resistance. Ethereum's upward move is doubtful as the bulls have failed to emerge in the oversold region. The stochastic bands are sloping horizontally indicating that the market is neither rising nor falling.
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.