Last week, the bears pushed Ethereum to the bottom of the chart. Ethereum nosedived to the low of $101 but pulled back above $120 to resume a sideways trend. The bulls could not push price above $140 resistance. Ether is also repelled each time price tested the resistance level. This also explains that ETH lacks buying power at a higher level.
Surprisingly, after impressive moves to a high of $246 on March 7, Ether has dropped to a low of $147. The initial fall was to a low of $200. After three days of consolidation above $200, the bears took the initiative to continue the selling pressure. The market has reached a low of $147. There is a likelihood that the fall will extend to a low of $125.
Ethereum’s upward move has been hampered and price consolidation has continued unabated. Ether is in solitary confinement in the oversold region of the market. Earlier on the pair has dropped to the low of $220 since February 29 and became oversold. By default, selling pressure has been exhausted, while price consolidation has continued.
Ethereum has remained stable since the last bearish impulse on February 26. Ethereum has been consolidating over the current support at $220. There were doubts about whether the current support will hold or not. Ether has fallen into the oversold region. This means that selling has been overdone. This will also suggest that buyers will be on hand to push Ether upward.
For the past two weeks, Ethereum was stuck between the levels of $238 and $286. Earlier on the bulls made three failed attempts to break the resistance at $286. Later, Ether was compelled to a sideways move between the levels of $238 and $286. 24 hours ago, the bears broke the support at $238 as the price fell to a low of $215.
Ethereum has continued its consolidation without significant price movement over the last 48 hours. The slight uptrend has resulted in a major downward move to retest the lower price range. Incidentally, Ether is fluctuating between $238 and $288 and the levels have remained intact for some time.