Ethereum Showing No Sign of Development as Bull and Bear Reach Equilibrium

Ethereum Price Long-Term Analysis: Ranging 

Ethereum has not shown any development as the market continues its fluctuations. In November, ETH was fluctuating at $177 and $195. In the previous months, the market had been fluctuating at $160 and $200. Presently, the coin has decided to extend its range near the price of $200. On the upside, if the price at $195 is breached, the coin will rise to $220. 

This will mean that the bulls have overpowered the bears. Nonetheless, if the bears break the price at $177, the coin will drop to $160. It will also mean that the bears are stronger than the bulls. The pair sideways trend will continue if these levels remain intact.

Ethereum Indicator Analysis 

The EMAs are sloping signifying that the pair is ranging. Ethereum is in a bearish momentum as the price reaches below 40% range of stochastic.

Key Supply Zones: $220, $240, $260

Key Demand zones: $160, $140, $120

What Is the Next Direction for Ethereum? 

ETH is still trading above $180 after it depreciated the previous day. Ethereum has extended its move near the price of $200. There is a likelihood that price may break at $200 if the market continues trading in that region.

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.