Eagerly, the bulls put up a good fight as Ethereum scaled the $131 price level. Nevertheless, the positive move is welcomed but it will be better if the bulls dismantle the knotty price at $136. Over a week, the coin found it extremely difficult to trade above the $136. Hopefully, if the bulls overcome the initial hurdle at $136, ETH will rally above $140.
Subsequently, ETH will rise and the bulls will have an occasion to trade between $160 and $200. Unfortunately, the coin may continue to trade below $136, if the bulls fail to penetrate this initial barrier. Meanwhile, insufficient buyers can be another possible factor to delay Ethereum's bullish move.
The price has broken above the 12-day EMA which is a positive sign that ETH is rising. Ethereum’s bullish move will be completed if the price has broken over the two EMAs. Then the coin will have the possibility of rising or trading in the bullish trend zone. The market has risen to level 47 of the daily RSI. This explains that ETH is approaching the bullish trend zone.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
Ethereum is still in its early stage of a bullish move. Expectations are high for the coin to break over the EMAs. The bulls’ ability to move up will determine Ethereum's sudden rise to the supply zones. Nevertheless, ETH is expected to remain range-bound if the initial hurdle at $136 is unresolved.
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.