Ethereum Finds Support above $1,763 Low as Bears Threaten to Short
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downward correction as bears threaten to short. Ether’s price has revisited the previous low of $1,763 twice. The bears are attempting to break below the previous low. Further upward moves by the coin has been restricted by a 21-day line moving average. On the upside, if the current support holds, Ether will rebound. The price rebound will break above the 21-day line SM A and the bullish momentum will be the 50-day line SMA. On the downside, Ethereum will decline to the low of $1,370 if the $1,763 support is breached.
Ethereum Indicator Analysis
The crypto is at level 36 of the Relative Strength Index for period 14. Ether is in the downtrend zone as it drops to the previous low at $1,763 for the second time. The price bars are below the moving averages indicating a further decline of the coin. The market is below the 40% range of the daily stochastic. Ether is in a bearish momentum.
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 has declined to the previous low at $1,763 as bears threaten to short . The downtrend is likely to subside in the oversold region of the market. 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 $1,370.14.
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