Ethereum Risks Losing Significant Support Levels as Sellers Threaten to Short

In the last 48 hours, Ethereum dropped to $201 after the bulls were rejected at the $212 resistance level. For the past week, Ethereum‘s bulls have attempted to break the $215 resistance and push the price above $227 resistance.

The results were consequential as the coin fell to $180 and $195 low respectively before another recovery was done. The upward move has consequential effects. The bottom line is that Ether's upward move is possible if the bulls overcome the $210 and $215 resistance levels.  

Presently, buyers are attempting to push the price above $204 resistance level. Failure to breach the $204 and $215 resistances will amount to further depreciation. ETH will fall to $184 and resume an upward move. Conversely, the crypto will resume a fresh uptrend, if buyers are successfully above the $215 resistance. The coin will rise above $227 resistance and reach a high of $230.

Ethereum indicator analysis 

The coin was earlier in the overbought region as it attempted to reach the $220 price level. It has fallen below the 80 % range of the daily stochastic meaning that the market has bearish momentum. At the time of writing, the price action is indicating a bullish signal.

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

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

What is the next direction for Ethereum? 

Ethereum is likely to continue its downward move once the bulls fail to breach the $215 resistance level. Nonetheless, it is showing positive signs above the $200 support level. The uptrend will resume if the support holds.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.