Ethereum Hovers above $1,220 as Sellers Threaten to Short
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price hovers above $1,220 as sellers threaten to short. Ether declined above the $1,220 support on September 21. The current support is holding because it is the historical price level of June 25. For the past five days, the altcoin has been fluctuating between $1,220 and $1,400 price levels. The selling pressure will commence if price breaks below the $1,220 support. The bearish momentum will extend to the low of $1,162 price level. The market will further decline to a low of $1,029.90 if sellers breach the current support level. In the meantime, ETH/USD is fluctuating above the $1,220 support but below the $1,400 high.
Ethereum Indicator Analysis
The altcoin is at level 38 of the Relative Strength Index for period 14. Ether is in the downtrend zone and may further decline. The price bars are below the moving average lines which indicates further decline. The cryptocurrency is above the 40% range of the daily stochastic. Ether is in a bullish momentum but has subsided.
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?
Presently, Ether’s price trading in a tight range but hovers above $1,220 as sellers threaten to short. The altcoin may further decline as it faces rejection at the $1,400 high. Meanwhile, on the September 19 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests ETH will fall to level 1.618 Fibonacci extension or $1,162.82.
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