Ethereum price movement has remained stagnant for the past 48 hours. Ethereum is in a stalemate as the buyers fail to break into the $160 to $200 zones, while the bearish move seems to dry up. Yesterday, ETH pulled through to $152 but was resisted and it faced another selling pressure.
On November 29, a similar situation occurred where the bulls tested the price at $157 and it fell to a low of $144. Attempts by the bulls to trade in the higher price level fail because of a lack of buyers. Ethereum is fluctuating in the small range of $136 to $157 pending the determination of the upward movement.
According to RSI, ETH is trading at level 41, which means that the price is fluctuating. Ethereum will move up if price breaks above EMAs, the horizontal channel and the price is sustained.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
Ethereum is unlikely to make any appreciable progress; rather a sideways move is expected. However, consolidation beneath the channel is expected as the market continues to test the price at $160. In the interim, Ethereum is making a gradual downward fall. The coin will be in a serious depreciation if the decline breaks the low of $136.This will be tantamount to a resumption of the downtrend.
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.