On January 19, the bull’s inability to break above the $180 resistance level compelled Ethereum to a range-bound movement. Ether is on a tight range between $160 and $170. Incidentally, the continual ranging will lead to a price breakout or breakdown. Now if the price breaks the $170 resistance level and the bulls are successful, the coin will reach a high of $200.
Conversely, the range-bound movement will persist if sellers defend the $170 resistance level. It is unlikely that a breakdown will occur at the $160 support as the buyers are still in control. A breakdown can result in the coin falling to the low of either $144 or $140 price level.
The price bars are above the EMAs which implies that the coin is likely to rise. In other words, EMAs provide strong support for Ether. The coin is currently trading below 80% range of the daily stochastic. Nonetheless, the bearish momentum seems to be exhausted.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is in a range bound movement as the bulls and bears struggle between $160 and $170. In the last 24 hours, the bears aggressively defended the $170 resistance and the market continues its downward fall. There are indications that the price will fall to a low of $160 or $157. Then the market will recommence its range-bound movement between $160 and $170.
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.