Ethereum Turns Down from Overhead Resistance, Faces Selling Pressure

Ethereum collapsed, as bears made a final downward push to the $120 support. The bears have been consistent in the downward move as ETH finds support at current level. The buyers had earlier curtailed sellers above $140 before the recent breakdown. Incidentally, as ETH reaches the currently low, it gets deeper into the $120 support level.

The bulls are at hand as it defended the current low. Ethereum made a pullback and got stuck at $133. The coin has turned down from the $133 resistance. ETH is moving precariously southward to the $120 support. The pair risks another fall if $120 is breached. Another breakdown will lead to a low of $110. Meanwhile, the coin will resume a sideways move if the support holds.

Ethereum Indicator Analysis 

The coin has sunk into the oversold region but the stochastic made a U-turn above the 20% range. This implies that ETH is in a bullish momentum. The price is falling and a fall below the downtrend line will further depreciate ETH.

Key Supply Zones: $220, $240, $260

Key Demand Zones: $160, $140, $120

What Is the Next Direction for Ethereum? 

On December 18, the pair fell after a retest at the $133 resistance. This indicates that the upward movement has been rejected. Another breakdown at $120 will depreciate the coin to a low of $110. Probably, a rebound at $120 will move up the coin to the first resistance.

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.