Regrettably, ETH sunk to a $120 low after the bulls failed to check the rampaging bears at $140. Initially, the coin had a breakdown at $160 support and XRP fell beneath $140. The retest at $160, confirms the resumption of a downtrend as XRP fell to $120 low.
The bull defended the support and moved up to the price at $133. The pair is in a sideways movement between $120 and $133. Sellers may resume and break the $120 low.
The blue and red line EMAs are indicating a bearish signal. The 12-day EMA is resistance to XRP. Nonetheless, ETH is still a sell signal because the MACD line and the signal line are below the zero lines.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
Ethereum traded and depreciated to $120. ETH may slide below $120 if the coins make a repeat resistance. Expectedly selling will be overdone once the $120 low is broken. Conversely, strong buying power by the bulls will propel ETH to move up. Failure of the bulls to rebound will give the bears’ unnecessary lead to deepen the coin.
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.