Ethereum falls but may find support at $140. Ethereum may risk depreciation if the low at $140 is breached
Regrettably, the resistance at $145 has given the bears an advantage to sink Ethereum. In the first resistance at $152, the coin drops like a pack of cards to the low of $142 and holds. The bulls pulled back to the $145 resistance level. The bears came back as the selling pressure resumes. The coin falls to the low of $142 but the gain of the bears is that a break below $140, will catapult ETH either to the low of $131 or $137.
In contrast, strong defense by the bulls at $140 support will raise hopes of pushing the coin to the $145 and $152 resistance levels. Meanwhile, the $142 support level may hold as the market has reached the oversold region suggesting bulls to take control of price. The bulls are to engage in constructive buying to push Ethereum into the $160 and $200 price range.
Luckily, ETH is presumed to reverse at the 1.272 Fibonacci extension level because a bullish candlestick retraces at the 0.786 retracement level. In other words, the coin is to reverse at a $150 price level. Also, the coin is approaching the oversold region, level 34 of the RSI.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
Ethereum is gradually falling as the coin faces selling pressure at the $145 resistance level. Traders can expect that if the coin falls and breaks below $140, ETH will plunge to its low at $131 or $137. Conversely, the bulls will attempt to break through the resistance levels and revisit the larger price range of $160 to $200. ETH is currently fluctuating above the $142.
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.