Ethereum has been fluctuating between $100 and $140 since March 12. The initial attempt by the bulls to move upward was hampered because of selling pressure at the $140 price level.
The $140 resistance was the previous support in January where the price consolidated before an upward move. Presently, the upward move is repelled because support and resistance respect the historical price level.
Ether has fallen to the low of $122, after the retracement from the overhead resistance. The market will commence a new uptrend if the bulls buy at the current support. ETH will rise and breach the $140 overhead resistance. The bears will take control of where the bulls fail to act. A drop below $122 will mean that the bears are in control and ETH may reach the low of $100.
Ethereum indicator analysis
Ether has been in the oversold region since the last bearish impulse. Unfortunately, buyers fail to emerge in the oversold region. In the absence of that, the stochastic bands were sloping horizontally. Meanwhile, ETH is above the 20% range of the daily stochastic.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next move for Ethereum?
Ethereum is currently confined to a range between $100 and $140. The bulls have failed to emerge at the oversold region to propel the coin upward. The market will continue its fluctuations until buyers emerge or new buyers are introduced at the bottom of the chart.
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.