Ethereum Makes an Upward Correction but May Face Rejection at $2,200
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downtrend but may face rejection at $2,200 . Ether’s price makes a series of lower highs and lower lows. The largest altcoin has fallen to the low of $1,945. The selling pressure will resume when price breaks below the low of $1,945. Ether has made an upward correction as it faces rejection at the recent high. It is declining to the previous low. A break below the current support will mean a further downward movement of the cryptocurrency. The upward move will resume if the current support holds. Besides, the downtrend has subsided as the market reaches the oversold region. In the meantime, Ether is facing resistance at the high of $2,103.
Ethereum Indicator Analysis
Ether is at level 31 of the Relative Strength Index for period 14. It was previously in the oversold region of the market but buyers emerge as it made an upward correction. It is above the 40% range of the daily stochastic. It implies that the market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping downward. The 21-day line SMA is acting as a resistance.
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
Ether is still in a downward move but may face rejection at $2,200. It is likely the selling pressure will resume. Meanwhile, on May 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.618 Fibonacci extension or $1,371.97.
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