In the last 48 hours, Ethereum has been on a downward move, but within a confined range of $160 and $173. Today, the price reaches a low of $157 and it is making an upward move to reach a high of $173.
Ethereum is currently fluctuating in the range after its failure to break above the $180 on January 19. It is expected that if the bulls break the recent high at $173, the pair will pick up momentum to reach a high of $200. Conversely, if the bulls fail to break the recent high, Ether will continue its fluctuations.
The RSI period 14 has dropped to level 55 which indicates that the coin is in the bullish trend zone. The coin is also likely to rise. Meanwhile, RSI was earlier above level 70 when it indicated that the market was overbought. At that time sellers came in to push the price downward. The indicator also drops to level 55.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
The current downward move may have ended as the coin makes an upward move. The range-bound movement may continue if the bulls fail to break the recent high. Nonetheless, if the bears break the current support which is unlikely, Ether will drop to the low of $140 or $144.
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.