Ethereum Is Under Pressure to Bounce; Can It Overcome the Resistance at $150 and $160?

Dec 07, 2019 at 16:48 // News
Author
Coin Idol
 Ethereum is expected to trade within the range-bound zones

Ethereum is out of the lower levels of price as it breaks the resistance at $150. Ethereum is expected to trade within the range-bound zones.

Ethereum Price Long-Term Analysis: Bearish

Ethereum is struggling at the bottom of the chart after sinking to $136. Unexpectedly, ETH moved up to a high of $156 but the selling pressure made it to slide back to $144. Interestingly, the coin is now breaking over the first resistance at $150. This is insufficient to catapult the  coin to reach the range-bound zone. Expectedly, the current move should be sustained to breach the second resistance at $160. 

Nevertheless, if the bulls overcome the second hurdle, the coin will be in the $160 to $200 range-bound zone. Once the price reaches these zones, the market will reject the lower price levels and the focus will be on the upper price levels. Nonetheless, as the market surges ahead, the coin will have to overcome either $184 or $188 resistance level. Regrettable, if the bulls fail to pull above the second hurdle, ETH will be comfortable to consolidate above the price at $150.

Ethereum Indicator Analysis 

The swing low of the Fibonacci tool is taken on July 15, while the swing high is on June 27. It indicates that Ethereum will go down and reverse at the 1.272 extensions. The 1.272 is the equivalent to the $136 low where the coin fell and reversed. The price is above the 40% range of the daily stochastic meaning that the coin is in a bullish momentum.

ETH-CoinIdol_(8).png

What Is the Next Direction for Ethereum? 

The market honored the previous price level of $135 and paused. Ethereum has moved up above $150 resistance level. A break above the previous high of $157 will push Ethereum into the range-bound zone. At the same time, it is expected that the coin does not pullback to the lower price level.

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

Key Demand Zones: $160, $140, $120   

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.


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