Ethereum Faces Stiff Resistance at $140 after Buying From $120 Low

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.

Ethereum Indicator Analysis 

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

What Is the Next Move for Ethereum? 

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.