Ethereum Faces Downward Pressure as It Faces Rejection at $1,412
The Ethereum price (ETH) is in a downtrend, falling to the low of $1,311.90. In the lower time frame, the Ether price is forming a series of lower highs and lower lows.
Ethereum price long-term analysis: bearish
The current downtrend is likely to continue as the cryptocurrency turns lower from the 21-day moving average line. Ether has fallen to the low of $1,220 and has recovered. The current support is the resistance level from July 8. On the downside, the market will fall to a low of $1,162 if sellers break the current support level. The biggest altcoin will continue its uptrend if Ether holds above the current support and rises again. On July 16, the bulls broke through the resistance level and resumed the uptrend. Buyers pushed the cryptocurrency to the high of $2,019 on August 13.
Ethereum indicator analysis
Ether is at level 37 of the Relative Strength Index for the period 14. The largest altcoin is in the downtrend zone and could fall further. The price bars are below the moving average lines as the market reaches bearish exhaustion. Altcoin is below the 50% area of the daily stochastic. Ether is in a bearish momentum.
Technical Indicators
Key resistance zones: $2,500, $3,300, $4,000
Key support zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
The downtrend is likely to resume when the current support is broken. In the meantime, the downtrend from September 19 has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to the 1.618 Fibonacci extension level or $1,162.82.
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.
Source: Read Full Article