Ethereum Fluctuates Below Heavy Resistance Zone

Ethereum has continued its gradual slide as the price drops from the previous high of $158. Sellers have formed a formidable resistance at the $150 and $160 which was once under buyers’ control. The selling is expected to continue to a low of $136. However, if the bears break the low at $136, Ethereum will continue its downtrend. Alternatively, if  ETH falls and finds support at $140, buyers will come in and take control of price. There are indications that if the downtrend resumes, ETH will nosedive to the low of $120.

Ethereum Indicator Analysis 

The stochastic indicator is showing signs of bullish momentum while the price action is showing bearish movement. The coin was resisted by the EMAs as it fell to a low of $148 at the time of writing.

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

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

What Is the Next Direction for Ethereum? 

Ethereum is falling after the resistance at the EMAs. The market is heading towards the downtrend line. A breakdown at the downtrend line will compel Ethereum to depreciate. A bounce above the trend line will mean that the coin will resume its uptrend. Traders should wait and see where the market will terminate.

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.