Ethereum Hovers above the $1,701 Low but Resumes Upward above It

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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downtrend as price breaks the previous low and resumes upward above It. Ether will  resume upward if price holds above the previous low. The largest altcoin will be fluctuating between $1,700 and $2,200 price levels. However, the downtrend will resume, if price breaks below the $1,701 support. The currency will further decline to the low of $1,370. In the meantime, Ether is hovering above the $1,701 at the time of writing.

Ethereum Indicator Analysis
Ether is at level 29 the Relative Strength Index for period 14. The largest cryptocurrency has fallen to the oversold region. This will bring to an end the selling pressure as buyers emerge in the oversold region. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend. Ether is below the 20% range of the daily stochastic. It indicates the oversold condition of the cryptocurrency.

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 fallen to the oversold region because of recent decline but resumes upward above It. The selling pressure 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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