On January 19, Ethereum fell to a low above $160 because of its inability to break above the $180 resistance level. Despite its disappointing fall after its resistance, a break above $180 will catapult ETH to reach a high of $197 or $200.
At the moment, the price is fluctuating above the $160 for the past three days. Possibilities are there for the bulls to have another chance to retest or break the resistance at $180. In a price action, the bears can as well break below $160; this will bring about further depreciation of the coin. Our focus is on the bulls as the price is in the bullish trend zone.
The market is currently above level 65 of the RSI indicating that price is rising in the bullish trend zone. The market was earlier in the overbought area of RSI when the coin reached a high of $180 indicating the presence of sellers.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is currently in a sideways move above $160. The pair is in the bullish trend zone. We expect that the coin is most likely to rise. Traders are to look out for setups to initiate long trade at the current price level. You can place your stop loss at $150 and vary it upward when the market moves in your favor.
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.