Ethereum Resumes Selling Pressure, Unable To Breach $2,300 Resistance

Ethereum is in an upward correction as price faces another rejection at $2,300 high. Selling pressure will resume if buyers fail to breach the recent high. For the past four days, Ether has been in a downward movement.

The resistance at the $2,544 high propels the biggest altcoin to resume selling pressure. On April 16, the altcoin dropped to $2327 low and corrected upward. Ether price retested the $2,500 resistance zone and plunged to a $1,926 low. Promptly, the bulls bought the dips as price resumed upward. The current upward move is stuck below the $2,300 resistance. On the upside, if buyers breach the recent high, a retest at the $2,500 is likely. Otherwise, the selling pressure will continue on the downside.

Ethereum indicator analysis  

Ether’s price is above the moving averages, despite the retracement. A break below SMAs will suggest a further downward movement of price. The biggest altcoin is below the 60% range of the daily stochastic. This implies that altcoin is in bearish momentum. 

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What is the next direction for Ethereum? 

Ethereum is on a downward correction as it struggles to break the resistance at $2300. Meanwhile, on April 16 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement gives the impression that Ether will fall to level 2.618 Fibonacci extension or the low of $1,966.92. From the price action, Ether tested the 2.618 Fibonacci extension and resumed upward. 

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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