Today, Ethereum is trading below $120 after the latest breakdown of March 12. Before now, the pair had been consolidating above the $190 and $200 price levels for three days. The bears broke the $190 support as the market fell to the low of $100.
Notwithstanding the current fall, the bulls pulled back but were resisted at $140. The bears seem to be unrelenting as the selling continues on any minor rallies established by the bulls.
Today, the bull’s upward move has been restricted below $120. This is an indication that the downtrend is not over. Ether can only survive the downturn if the bulls overcome the restriction below $120. There is the possibility of reaching a high of $140 if the initial hurdle at $120 is jumped over. However, where the bulls lack the buying power to move up, ETH may slump to a low of $87.
From the daily stochastic, Ethereum has been in the oversold region since February 27, but made a brief upward movement. Presently, it is still below the 20% range of the daily stochastic. The stochastic bands are sloping horizontally because the bulls have failed to emerge to push the coin upward. The current trend does not recognize the oversold condition as the trend is ongoing.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is still under bear control as the market continues its downward move. Once the bulls fail to continue with the upward move above $120, then we will assume that downward move will resume. In the meantime, the price is fluctuating between $100 and $120. The pair will reach a low of $87 if the market moves and break the $100 support.
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.