Buyers and sellers are unrelenting as the tussle for price possession continues unabated beneath the horizontal channel. Last week, the bearish trend was from a high of $152 to $140. The coin rebounded at $140 and moved up to $145.
Constructive buying at the lower price levels propels the coin to move up. The upward move is being hampered at $145 resistance.
Possibilities are high that if the price is pushed higher, the coin will revisit the highs of $152 and $157. Conversely, failure in price upward movement will compel the coin to make a downward move. In the same vein, if the low of $140 is breached, Ethereum will sink to the low of $131. Meanwhile, the coin has failed to move up to the horizontal channel since November 24.
Ethereum is trading and approaching level 37 of the RSI period 14. It appears that the coin is in a period of consolidation. Ethereum is presumed to reverse at the 1.272 Fibonacci extensions. This is equivalent to the price of $145.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
Ethereum’s downward move was held at the $140 support level. As buyers came up at the support, the price moves up and gets stuck at $145. Expectations are that Ethereum will revisit the price range of $160 and $200. There are indications that the coin will plunge below $140 if the upward move is unsuccessful.
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.