Ethereum Briefly Holds above $1,503 but Risks Further Decline

Ethereum (ETH) is trading in the uptrend zone and below the resistance of $1,600. The price has not moved below the recent high since October 26.

The largest altcoin is expected to fall to a low of $1,400. Nevertheless, the bulls bought the dips and ETH fell to a low of $1,503 on November 2. This suggests that the price of the cryptocurrency will fall and return to the low above $1,400. On the plus side, if the altcoin gets above the initial resistance, it will rise and regain its previous highs of $1,600 and $1,800.

Ethereum indicator analysis

On the Relative Strength Index for period 14, Ethereum is still at level 60 despite the decline, indicating that the altcoin has the potential to rise in value. The fact that the price bars for Ether are above the moving average lines also indicates a potential uptrend. Ether is currently trading above the 25% range of the daily stochastic, which indicates a positive trend.

Technical indicators:  

Major Resistance Levels – $2,000 and $2,500

Major Support Levels – $1,500 and $1,000

What is the next direction for Ethereum?

Ethereum has been on a downtrend slide since the rejection on October 29. However, the November 3 rejection will hamper further selling pressure. The 61.8% Fibonacci retracement level was tested by a candlestick on October 31 as ETH made an upward correction. After the correction, ETH will fall to the 1.618 Fibonacci extension level or $1,489.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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 in funds.

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