Ethereum Sustains Above $120, a Rally above $140 Is Expected

Dec 23, 2019 at 13:53 // News
Coin Idol
Ethereum bounced back above $120 but struggles at the $133 resistance

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.

Ethereum Indicator Analysis 

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.

ETH-CoinIdol_(9) (1).png

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

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

What Is the Next Move for Ethereum? 

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.

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