Recently, the bulls overcome the $160 resistance but were unlucky at $180. A successful break above $180 would have led Ethereum to appreciate above $200 and commenced an upward move.
The bulls’ failure has made ETH reach the $160 low. The tendency to rise or fall is possible as the market continues to fluctuate above $160. Ethereum may fall again if the support cracks. This will throw Ether to an unavoidable low at $140. Similarly, as the price continues its fluctuations, ETH may as well rise again to retest the current price level.
Ethereum’s fall is largely due to the trading activities in the overbought region of the daily stochastic. The coin is below 80% range indicating a bearish move. ETH is likely to fall and break below the EMAs, this will further depreciate the coin.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Unfortunately, the bulls were driven back at $180 but ETH found support at $160. The uptrend has been held back as the bulls initiate a fresh upward move. The price has to be continued over the EMAs, for Ether to continue its upward move. Traders ought to correct their stop loss and vary it upward each time the market is in an uptrend.
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.