Ethereum Loses Crucial Support as It Rises To Reclaim the $1,700 High

Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) is losing value as it rises to reclaim the $1,700 high.Ether hit a low of $1,629 on June 14. The decline has reached the oversold area of the market. The crypto is rising right now, reaching a high of $1,674. On the downside, the $1,700 support level has held since March 15. However, if the selling pressure continues, the altcoin will drop even further, reaching a low of $1,410. However, if buyers manage to keep the price above the $1,700 support level, the altcoin will resume its bullish trend. The biggest altcoin will rise, but resistance will be found at the $1,800 high.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

Ethereum Indicator Analysis
Ether has sunk into the oversold region at level 30 of the Relative Strength Index for period 14. The cryptocurrency’s price is turning back upward as buyers enter the oversold region. The price bars are significantly below the moving average lines, which indicates a downtrend. Over the daily Stochastic level 25, Ether is moving bullishly. The cryptocurrency had previously dropped in the oversold region of the market.

What Is the Next Direction for Ethereum
Ethereum’s continued decline has broken the crucial support level as it rises to reclaim the $1,700 high. The coin is currently being raised above the $1,700 mark by buyers. Ether will rise if it reclaims the $1,700 support level. If not, there will be more downward selling pressure. But at the moment, Ether is trading in an oversold portion of the market.

You can buy crypto coins here. Buy LBLOCK


Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results