Following the rejection at the $175 resistance, Ethereum fell to a $152 low. It is extremely difficult for buyers to push prices to the previous high.
Yesterday, the market reached a high of $166 and immediately it dropped to a low of $150. Ether is presently fluctuating above $150 price level. Despite the fall, the market is showing some bearish signals.
Nonetheless, if the selling pressure continued, ETH is likely to drop to $145 or $140 low. The previous rebound occurred at 145 low. On the upside, ETH may rebound if price retraces to the low of either $140 or $145. Meanwhile, the market is still consolidating above $150 in the meantime.
Ethereum Indicator Analysis
Presently, the price is at the point of breaking below the EMAs. When the price is below the EMAs, it indicates that the coin is likely to fall. At the moment, ETH is below the 80 % range of the daily stochastic. This is also a bearish signal indicating bearish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is tending to the bearish trend zone as bulls and bears struggle above the $150 support. The pair will drop to a low of $140 or $145 if bears break below $150 support. Nevertheless, an upward move is likely if price rebounds at the current support.
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.