Ethereum Faces Rejection at $3,200 High but Consolidates above $2,800 Support
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has resumed downward correction but consolidates above $2,800 support. Ether has fallen to the previous low at $2,855. The bears will attempt to further sink the largest cryptocurrency to the downside. The current downtrend was bull’s failure to break the resistance at $3,200. In other words, the bulls broke the 21-day line moving average but failed to break the 50-day line moving average. Today, there is a bullish candlestick above the $2,800 support. The market will resume upward if the current support holds.
Ethereum Indicator Analysis
The altcoin is at level 47 of the Relative Strength Index for period 14. Ether has fallen to the downtrend zone as bulls fail to break the $3,200 resistance level. In the downtrend zone, the bulls are capable of a further downward move. The crypto’s price is partially below the moving averages. Ether is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region.
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?
Ethereum is in a downward correction as the altcoin reaches the oversold region of the market but consolidates above $2,800 support. Buyers are likely to push the altcoin to the previous highs. The cryptocurrency is consolidating above the $2,800 support.
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