Expectantly, the bulls have rallied above $148 and $157 to reach $170. However, the bulls fail to maintain the price at the resistance zone because of insufficient buyers at the upper price level. Initially, the price rally was into the previous price range of $160 and $200.
Unfortunately, the coin may retrace below $160, and if it does, the market will revert to $140 low. In other words, the bears are likely to erase all the bullish gains. Conversely, if the $160 support holds, the price will rise and retest the $170 and reach out to other previous highs.
The pair has moved over the overbought area of the daily stochastic. The bands are over 80% range signifying that price is in a bullish move. The bears are attempting to break beneath the $160 support which will deepen ETH if the breakdown is successful.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is likely to be in an uptrend. All the indicators are showing positive moves for Ether. The challenge for the bulls is that the $160 support must be defended. A downward move will ensue if the bears succeed in breaking the support level. Traders should adjust their entries if the downward movement continues.
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.