Ethereum Holds Above $1,400 And Gains Upward Momentum
The Ethereum price (ETH) is in a downtrend, falling to a low of $1,420.90.
Long term analysis of the Ethereum price: bearish
The price of the largest altcoin’ has been moving in a range between $1,500 and $1,700 since January 20. Buyers failed to keep the price above the resistance level of $1,700. After rejection at the $1,680 high, selling pressure resumed on March 2. Both the moving average lines and the $1,500 support level were breached by the cryptocurrency price. Selling pressure is likely to increase if the price drops below the moving average lines and the support level of $1,500. The previous breakout level of $1,352 is the target of this current decline. Moreover, the price indicator suggests that crypto prices will continue to fall. The altcoin will fall even further, to the 2,618 level of the Fibonacci extension, or $1,306.16.
Analysis of the Ethereum indicator
The biggest altcoin is at the level 30 of the period 14 of the Relative Strength Index. The oversold area of the Ether market has been reached. When the market approaches the oversold area, the current decline will slow down. The current decline has accelerated as the price bars are now below the moving average lines. The daily stochastic also indicates that the altcoin is oversold.
Technical indicators:
Key resistance levels – $2,000 and $2,500
Key support levels – $1,800 and $1,300
Where does Ethereum go from here?
Ethereum drops to a low of $1,370 before recovering. The altcoin is currently trading above the $1,400 support level. As it tries to return to its previous highs, Ether is correcting higher. Once it breaks above the moving average lines or resistance at $1,560, the altcoin will resume its uptrend.
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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