Last week, the bears pushed Ethereum to the bottom of the chart. Ethereum nosedived to the low of $101 but pulled back above $120 to resume a sideways trend. The bulls could not push price above $140 resistance. Ether is also repelled each time price tested the resistance level. This also explains that ETH lacks buying power at a higher level.
As the upward move became impossible, the bears took control of price and broke the $120 support. The downward move has resumed as Ether fell to a low of $107. The downtrend may extend to a low of $87 if the selling pressure continues.
The pair is still below the 20% range of the daily stochastic. The market is in the oversold region as the bulls are yet to emerge to push ETH upward movement. Rather selling pressure is ongoing as the coin resumed a downward move.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is likely to further depreciate because it lacks buying at a higher price level. Also, the bulls fail to Jump over the hurdle above $140. The bears have taken over the market if the bears succeed in breaking the $100 support the price will fall to the low of $87.
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.