Unsteadily, Ethereum bounced back above $120 but struggles at the $133 resistance. For the past one week, the bulls have failed to penetrate the first resistance at $133. The market fluctuations continue within the price range for the past week. Ethereum has remained subdued as it continued to head southward.
Precariously, the coin can shakily slip beneath the $120 and reach $100 low. Presently, a break above $133 resistance will enable ETH to rally above $140. All the same, Ethereum will remain range-bound if the current levels remain intact.
The possibility of the coin rising is brighter as it trades above the 25% range of the daily stochastic. Similarly, a break above the EMAs put Ethereum in a positive position to rise. The coin is now in bullish momentum. Ethereum is likely to be in the bullish trend zone if the bulls break above the EMAs.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
Presently, Ethereum’s upward move is hampered as the coin is resisted by the blue line EMA. The coin may be taking a devastating move if the bears break the $120 low. This will compel ETH to nosedive to the $100 low. Conversely, if the current bullish momentum is sustained the coin will rise.
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.