Ethereum has continued its consolidation above $100 and $140 since March 12. The price consolidates with small body indecisive candlesticks like Doji and Spinning tops.
These candlesticks describe the indecision between the buyers and sellers about the direction of the Ether. Neither the buyers or sellers have breached the levels of $100 and $140. This price consolidation is nearing three weeks of a sideways move. It is often said that “the longer the consolidation, the stronger will be the eventual breakout”. Ethereum is at $130 and it fluctuates inside the price range.
The pair is beneath the 75% range of the daily stochastic. The momentum is presently fluctuating as the market continues its consolidation. The EMAs are sloping horizontally indicating the sideways move.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is confined between $100 and $140. Nevertheless, an upward move is expected at the closing stages of the sideways move. It is unlikely if the downtrend will extend below $100.Ether has been oversold previously.
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.