Ethereum Faces Stiff Resistance, Bears Threaten to Short

The pair is in a tight range between $120 and $140. Ether is facing selling pressure above $140 resistance.

In the last breakdown, the market moved above $120 and resumed fluctuation above it. All the upward moves have been truncated by the bears. About 24 hours ago, the bulls took the price to a high of $147 and were repelled. Also, the recent price spike which reached a high of $149.99 was resisted. 

On each occasion, the price would find support above $140.Unfortunately, the bulls lack the ability to sustain the price above the $140 resistance. Despite the downtrend, ETH lacks buyers at higher price levels. Positively, if the bulls are successful above $140 resistance and price is sustained, Ether will rise and reach a high of $200. Nevertheless, the range-bound movement will linger if the buyers fail to appear.

Ethereum Indicator Analysis 

ETH is above the 60% range of the daily stochastic. ETH has made positive moves but the bullish momentum has been weak. The price movement is not sustained above the current price level. Presently, the price bars are above 12-day EMA. Ether will resume an uptrend if the price is above the EMAs.

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

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

What Is the Next Direction for Ethereum? 

Surprisingly, despite upward moves above the $140 resistance, the bulls face severe selling pressure as the market retraces back to the previous level. Ethereum will need buyers at higher price levels to sustain the upward movement.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.