- Ethereum battles the resistance at $120 to avoid a downward move
- The pair may decline to $84 low if the selling pressure resumes
Ethereum (ETH) Current Statistics
- The current price: $121.03
- Market Capitalization: $13,332,939,856
- Trading Volume: $12,697,294,985
- Major Resistance Zones: $175, $200, $225
- Major Support Zones: $125, $100, $75
Ethereum (ETH) Price Analysis March 19, 2020
Following its recent fall on March 12, Ethereum (ETH) has been in consolidation above $100 support level. Before this time, the cryptocurrency has been on the downward move after the formation of a bearish triple top pattern. The bearish triple pattern was responsible for the reversal of the previous uptrend.
ETH has been falling from a high of $286 after the pattern formation. On March 12, the bears broke the price consolidation above $200 and sank the coin to its present low above $100. Immediately, after the breakdown, the bulls pulled back but were resisted at $140. Presently, the pair is trading below $120 at the time of writing.
Nevertheless, the bears are not done on the downward movement of Ethereum. All the minor rallies at $140 and $130 established by the bulls encountered selling pressure. The price has fallen to a low of $120 and the bulls are no longer able to push the price above $120. This was as a result of the bears’ selling pressure at minor rallies. The danger is that Ethereum faces further selling pressure. On the downside, if the current support cracks, Ether will fall to an incredible low. On the upside, if the bulls push above $120, the price will rally above $140.
Ethereum Technical Indicators Reading
The coin has fallen into the oversold region twice. It is below 20% range of the daily stochastic. The stochastic bands are horizontally flat since March 10. In the oversold region, buyers ought to have emerged to push the coin upward. The current bearish trend is powerful as it does not recognize the oversold condition. Ethereum is currently lingering in the oversold region.
Ethereum is currently at the bottom of the chart. It is also in the oversold region. At the moment buyers have failed to emerge to push the coin upward. Meanwhile, ETH is likely to further depreciate if the upward move becomes impossible.
Author: Mustapha Azeez