Ethereum Holds above the $1,400 Support as Ether Reaches the Oversold Region.
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is in a downtrend as it holds above the $1,400 support. The selling pressure has subsided. Buyers are expected to defend the current support above $1,400. However, selling pressure may extend to the $1,280 low if the bears breach the $1,424 support. Nevertheless, if the support at $1,424 holds, the uptrend will resume. The current support is holding because it is the historical price level of July 26. On July 26, the biggest altcoin rallied to the high of $2,030 high but was repelled. ETH/USD will be compelled to a range bound between $1,400 and $1,800 price levels as the altcoin holds above the current support.
Ethereum Indicator Analysis
Ether is at level 40 of the Relative Strength Index for period 14. It is in the downtrend zone but the selling pressure has subsided. The altcoin may further decline as the price bars are below the moving average lines. Ether is below the 20% range of the daily stochastic. It trades in the oversold region of the market. The selling pressure is likely to subside as buyers emerge in the oversold region of the market.
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 reached the oversold region of the market as it holds above the $1,400 support. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests ETH will fall to level 1.272 Fibonacci extension or $1,399.07.
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