Ethereum Reaches an Oversold Region, May Decline to $3,104.36
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is above the moving averages as it may decline to $3,104.36. The bulls could not sustain the bullish momentum above the recent high as the market reaches the overbought region. Ether is retracing after the recent rejection. The largest cryptocurrency ma decline to the low of $3,104. The uptrend will resume if the price finds support above $3,104 price level. In other words, if Ether’s price holds above the moving averages, the cryptocurrency will regain bullish momentum. In the meantime, Ether has declined and it is trading at $3,240.9y0 as of press time.
Ethereum Indicator Analysis
Ether has fallen to level 61 of the Relative Strength Index for period 14. The market was earlier in an overbought region. Sellers have emerged to push prices down. The crypto’s price is above the moving averages. Ether will continue its upward move if price finds support above the moving averages. The downtrend will resume if price breaks below the moving averages. Ether is below the 20% range of the daily stochastic. The selling pressure has reached bearish exhaustion. Buys will emerge.
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?
On the 4-hour chart, Ethereum is in a downward correction but it may decline to $3,104.36. The market has fallen to the oversold region. Meanwhile, on March 30 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that ETH will fall to level 2.618 Fibonacci extension or $3,104.36.
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