Ethereum May Fall Into Local Bottom as Bears Break $100 Support 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.

Ethereum Indicator Analysis 

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

What Is the Next Move for Ethereum? 

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.