Ethereum Hovers above $1,492.65 Support as Sellers Threaten to Short
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downtrend as it hovers above $1,492.65 support. The largest altcoin is consolidating above the $1,400 support as it trades marginally. Ether is prone to further decline as it is below the moving average lines. On the upside, Ether will regain bullish momentum, if buyers keep the price above the 50-day line SMA. Ether will rise and retest the 21-day line SMA or the $1,800 high. Conversely, the selling pressure will resume, if the altcoin turns from the 50-day line SMA. Ether will further decline to $1,274.50 low. In the meantime, Ether is trading at $1,493.90 at the time of writing.
Ethereum Indicator Analysis
The crypto is at level 38 of the Relative Strength Index for period 14. Ether is in the downtrend zone because of the recent breakdown. Ether risks further decline as the crypto’s price is below the moving average lines. The moving average lines are still sloping upward indicating the previous trend. The coin is below the 20% range of the daily stochastic. The market has fallen to the oversold region of the market. The selling pressure may subside as Ether reaches bearish exhaustion.
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’s price is trading marginally as it hovers above $1,492.65 support. The altcoin will decline once the current support is breached. Meanwhile, on August 20 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to level 1.618 Fibonacci extension or $1,238.97.
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