Ethereum Retraces to $2,767 as Bears Resume Selling Pressure
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downtrend as bears threaten to resume selling pressure. Yesterday, Ether’s upward correction reached an overbought region of the market at $2,972. The uptrend was repelled and the altcoin fell. The crypto’s price retraced to the previous low at $2,767. On the downside, if Ether retraces and breaks below the $2,767 support, the market will further decline to the low of $2,491. However, if the current support holds, the cryptocurrency will be fluctuating in a tight range between $2,767 and $3,030 price levels.
Ethereum Indicator Analysis
Ether has fallen to level 43 of the Relative Strength Index for period 14. Ether is still in the downtrend zone and below the centerline 50. The crypto’s price is now below the moving average which implies a further decline of the cryptocurrency. The altcoin is below 25% area of the daily stochastic. The bearish momentum is unstable and sloping horizontally.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.500, $1, 300, $1,100
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What Is the Next Direction for Ethereum?
Ether is in a downward move as bears threaten to resume selling pressure. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.618 Fibonacci extension or $2,719.67. From the price action, the market declined to the low of $2,767 and resumed upward. Ether is trading in the oversold region of the market. A further downward move is unlikely.
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