The bulls have made four unsuccessful attempts at $136 as the coin continues its range-bound movement. Each time there is price rejection the market falls to the lows of either $124 or $128. Two days ago, the price retested the $132 and dropped at a low of $126. Later the price made an upward move. This completes the bulls’ fourth attempt at the overhead resistance.
The continual resistance is a testimony of the coin’s lack of buyers at higher price levels. Meanwhile, ETH is trading and approaching the overhead resistance. It is unlikely if the bulls are capable of breaking the resistance except for a price breakout. This is given the fact that the $136 price level will be regarded as a strong resistance having been tested for the fourth time.
On December 29, ETH broke over the 12-day EMA but was repelled by the 26-day EMA. A successful breakout over the EMAs will catapult the coin over the $140 price level. Meanwhile, ETH is trading at level 48 of the daily RSI period 14. This indicates that the coin is in a sideways move.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
The price is likely to make a new attempt at the overhead resistance. The attempt is likely to be unsuccessful as shown by the previous ones. ETH needs more buyers at the current demand zone to push the price upward. It is expected that the current bullish move will break above the EMAs. This will ensure the resumption of the uptrend. Eventually, if the bulls break above $136, a move above $140 and $157 is possible.
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.