Ethereum Consolidates above $1,763 as It Poises to Reclaim the $2,200
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Ethereum Price Long-Term Analysis: Bearish
Yesterday, Ethereum’s (ETH) price continued to make an upward correction as it attempts to reclaim the $2,200. Today, the largest cryptocurrency has reached a high of $2,041 at the time of writing. In previous price action, the altcoin was repelled at the highs of $2,153 and $2,167 price levels. The upward moves have been hindered at these levels, hence the range-bound move. For the past week, the cryptocurrency has been fluctuating between $1,763 and $2,200 price levels. Ether will continue to be in a range-bound move between $1,763 and $2,200 price levels if the range-bound levels remain unbroken.
Ethereum Indicator Analysis
ETH is at level 35 of the Relative Strength Index for period 14. This is because of the upward correction as buyers emerge in the oversold region of the market. The 21-day line and the 50-day line SMA are sloping southward indicating the downtrend. The 21-day line SMA is the resistance line to the price bars. Ether is above the 25% range of the daily stochastic. The market is in a bullish momentum but it is unstable.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum
ETH/USD has continued its range-bound move as it attempts to reclaim the $2,200. Today, the altcoin has risen to the high of $2,041 before facing rejection at the recent high. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $1,450.36.
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