Recently, the bears broke the dominance of the bulls as the price dropped to a low at $180.In October and up till November 13, the bulls had consistently tested the resistance zone to break it but were unsuccessful. At a time, we were thinking that Ethereum is nearing a breakout point but the coin extended its period of consolidation.
The implication is that the market will continue its fluctuations for a few more days. The decline of ETH and the tight consolidation bring equilibrium among the demand and supply levels. Nonetheless, we expect the market to move up to retest the price at $200.
The channel will remain intact as long as the coin continues its fluctuations. The RSI period 14 level 47 indicates that price is fluctuating. This explains that the buyers and sellers have no control over price.
Key Supply Zones: $220, $240, $260
Key Demand zones: $160, $140, $120
Ethereum has dropped to a low of $180 as the market continues its fluctuations. We expect the fluctuations to continue. The coin may fall because it is in the bearish trend zone. Presently, ETH is rising to break the EMAs. If it does, the bulls will retest the $200 price level. Conversely, if the bulls fail to break the EMAs, then we should expect a sideways move.
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.