Ethereum bulls have been repelled at the $370 high after failing to reach the previous high. Buyers made frantic efforts to push the coin to the previous high at $390.
The bulls attempted the $370 resistance twice but could not break above it. The coin was rejected at the $370 resistance as the market declined to $336 low.
The downward move is likely to continue as price breaks below the $350 support and retested it. However, if the price is sustained above a $350 high, the bearish scenario will be invalidated. The price is falling and approaching the previous low at $313. The downtrend will continue if the bears break below the support at $313.
The price retested the 26-day EMA and resumed a downward move. ETH is likely to fall as it is below the EMAs. The crypto is below the 50% range of the daily stochastic. This implies that the coin has bearish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is likely to fall as the market is in the bearish trend zone. Meanwhile, On September 23 downtrend, the last retraced green candle body tested the 50% Fibonacci retracement level. This suggests that the biggest altcoin will further depreciate to the 2.0 Fibonacci extension low or a low at $234.55.
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.