Following the last bearish impulse, Ethereum is still consolidating between $100 and $140. At the low of $100, Ether was in the oversold region of the market.
The bulls emerge at the oversold region to push ETH upward. Ethereum is currently trading at $135 but faces difficulty in penetrating the $140 resistance. The bears have provided stiff resistance at the $140 price level. Ethereum will move up to $180 if the resistance is broken. Ether will continue its consolidation if the bulls fail to break the resistance.
Nonetheless, where the market continues to range between $100 and $140; there is the tendency of a possible breakout. They said that the longer the consolidation of a coin, the stronger will be the breakout. Ethereum may rally above $180 if price breaks out $140 resistance. Conversely, a break down at $100 may result in a low of $87.
At present, Ethereum is above 40% range of the daily stochastic. It appears the bulls are emerging to push Ether upward. Previously, the market was oversold without the emergence of the bulls.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is currently restricted in a range between $100 and $140. The bulls have failed to break the resistance at $140. Buyers are incapacitated because of a lack of buying power at higher levels. Alternatively, the introduction of more buyers in the oversold region will push the coin upward.
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.