Ethereum Defends $136 Low, an Option to Break the Downtrend
Jan 11, 2020 at 11:51 //
News
Notwithstanding the brief upward move and subsequent fall, the bulls defended the low at $136. The price moves up to $143 after a successful defense of the support. Luckily, Ether is in the bullish trend zone. The upward movement will likely continue to the recent highs. Assuming, the bulls sustained the price above EMAs, then we should expect the market to reach a high of $157.
This is a critical price level where the price can break into the former price range of $160 and $200. Expectantly, a breakout above $157 can catapult the coin to reach a high of $180. However, it is not automatic for the bulls to have their way without a fight from the bears. Nevertheless, the price may fluctuate below the current high if the bulls fail to scale through the resistance.
Ethereum Indicator Analysis
The price bars are still above the EMAs which indicate that Ether will rise. The danger is that a break below the EMAs will indicate that the coin is falling. Ethereum is out of the overbought area and it is below 80% of the daily stochastic. The bands of the indicator are making a U-turn indicating that the bullish momentum is unsteady.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is in the bullish trend zone. The pair will continue to rise once the bulls sustain the price above the EMAs. More buyers are required at a lower price level to push Ether to a higher price level. The bulls should take with all seriousness not to allow the bears to break below the EMAs. A break below EMAs is to invite the bears to resume selling pressure.
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