Today, Ethereum is falling as a confirmation of its oscillation between $157 and $173. The price movement has remained the same since January 19. The price is on the downward move after its resistance at $170. The fall is supposed to extend the low of $157 and then the sideways move will follow. Nonetheless, if the bears break the support at $157, Ethereum will decline to a low of $144 or $136.
As usual, if the bulls defend the support to its fullest, the coin will resume its range-bound movement. In retrospect, in September Ethereum was in a range between $160 and $200. Ethereum traded in the range for three months before the range was broken in November. The bulls have taken back the coin to its previous range.
Ethereum Indicator Analysis
Ethereum is still trading in the bullish trend zone as the EMAs provide support for it to rise. Nonetheless, the support will be ineffective if the price breaks below the EMAs. In this case, selling pressure will resume. Ether is currently below 80% of the daily stochastic but the bands are making a U-turn. This indicates that the trend has changed to bullish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Move for Ethereum?
Lately, Ethereum has established itself in a sideways move. Neither the bulls nor the bears are capable of overcoming the other. Assuming Ether has more buyers at a higher price level, the $173 would have been breached. Then the coin will rally above $200. The strength of the bulls is within the lower price range.
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.
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