Despite its impressive move to a high of $246, the bulls face selling pressure above the $246 price level. Recently, the bulls broke the $238 lower price range to reach the range-bound zone. Our bullish expectation was dashed as the bears overwhelmed the bulls at a recent high. Ether fell to a low of $200.
It was earlier assumed that if price turns from the recent high it will fall to the low of $209. There is another possibility of price reaching the low of $197 and a rebound following immediately. Ethereum will be back in its upward move if the price rebounds and sustains above $238. Conversely, if the bulls fail to rebound and the $197 low falls to another low of $160; this will portend negatively for the coin.
Ether has continued to fall from the overbought region of RSI level 85 to the current level 39. In other words, the coin has been falling from a low of $286 to $205. Presently, the price is fluctuating at the current support of $200. The RSI will rise if the current support holds and make an upward move.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum has fallen beneath the price range of $238. The bulls failed to sustain the price above $238 after breaking the initial resistance. Presently, the price is at a low of $200, it is unclear if the downtrend will resume. ETH will fall to $180 or $197 low if the recent low cracks.
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.