In its recent move, Ethereum reached a peak price of $286 on February 14. Ether has been retracing thereafter because it reached the overbought region of the market. The pair retraced to the low of $237 and rebounded. The second upward move reaches the previous high but the bulls could not push the price above it. ETH fell again and dropped to a low of $250.
Ether would have reached a high of $318 or $363 if the bulls were successful above $286 resistance. In the meantime, a sideways trend is likely to take place as the bulls fail to move up. Nonetheless, the range-bound move is going to last for a few days. Nevertheless, as the price fluctuates and breaks below the breakout level of $235, ETH may fall to a low of $220.
Since January 30, Ethereum has been in the overbought region of the daily stochastic. ETH has fallen below 80% range of the daily stochastic. This implies that the pair is in a bearish momentum. In the two unsuccessful attempts at the overhead resistance, ETH fell and found support at the 12-day EMA.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum in the last few days has been retracing but found support above $250. It is unclear if the downward move will continue. This is because the uptrend is ongoing as long as the price is above the EMAs. The bearish momentum has been weak as the price action indicates an upward move with bullish candlesticks.
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.