Ethereum Drops Again Amidst Aggressive Sellers
Jan 09, 2020 at 12:15 //
News
The pair fell again to a $136 low and pullback. Last week, ETH was making a positive move and was able to prevail over the $136 resistance. The uptrend was short-lived as it reached a high of $147.50. The bears came back and pushed the price to $136 low. The bears are currently defending the resistance zones. The pullback after ETH fell has resulted in another fall.
The downward move may resume if the bears break below $136. This will negatively bring ETH to $122 or $125 low. Possibly, if the $136 holds, the bulls will resume another upward move and retest the $147 .50 high. The market may reach $173 price level if the bulls are successful.
Ethereum Indicator Analysis
Last week, the EMAs were breached as the upward move was guaranteed. Nonetheless, after the recent resistance, ETH finds support over EMAs. The coin may fall if the price drops beneath the EMAs. The RSI also drops to level 53 indicating that ETH may rise because it is over the centerline 50.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
The market has fallen and revisited the previous low. The bulls’ inability and lack of buying power fail to sustain the upward move. Sellers may further threaten the recent lows if the bulls fail to fight back. Traders may adjust their trading parameters and place their stop-loss at $120.
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
