Ethereum’s Upward Move is Doubtful as Demand at Higher Levels Is Deficient
Dec 28, 2019 at 12:15 //
News
In the last 24 hours, buyers came back to stop the bearish run at $120. Interestingly, buyers are fully committed as the market moves and approach the $131. The bottom line is that buyers intend to move above the $140 where the coin had an initial breakdown. The coin's inability to go up has been held back because of a lack of demand at higher levels.
This setback has caused the bulls to be repelled on four occasions at $136. However, two days ago buyers were repelled at $131 and ETH dropped to $124. Expectantly, if buyers overcome these initial resistances, ETH will rise and retest $140. Conversely, if buyers are repelled at $131, XRP may revert to the current low at $120.
Ethereum Indicator Analysis
The coin is rising as it ranges over the 25% range of the stochastic. The price bars are still below the EMAs after the coin crashes beneath the $180. If the price bars are above the EMAs, the coin will have the opportunity to rise to the supply zones. The EMAs are sloping downward signifying that the coin is falling.
Key Supply Zones: $220, $240, $260
Key Demand Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is diminishing as the price falls to the current demand zone. Lack of demand at higher price levels continues to incapacitate the upward movement of the coin. At the moment, the bulls struggle to break above $131. It is unlikely Ethereum may fall to the recent low. On the other hand, more buyers can propel ETH to jump above the $131 and $136 price levels.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow