Ethereum May Start a New Uptrend if $140 Resistance Broken

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.

Ethereum Indicator Analysis 

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

What Is the Next Direction for Ethereum? 

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.