Ethereum Retraces above $1,800 as It Continues Its Upward Trend

Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has fallen above the $1,800 support as it continues its upward trend. The biggest altcoin decreased following four unsuccessful efforts to pass past the resistance at $1,920. Near the most recent high, the market is overbought. Since the market is currently overbought, sellers are entering the market to lower prices.

However, the biggest altcoin has dropped below the moving average lines in the lower time frame. The selling pressure may get more intense below the moving average lines. On the negative side, the altcoin can find support above the $1,800 mark as it continues to decline. However, if the $1,800 support is breached, Ether will fall above the $1,720 breakthrough level.

Since then, the price of Ether has decreased, currently trading at $1,836.

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

Ethereum Indicator Analysis
Ether is in the bearish trend zone on the Relative Strength Index for period 14 at level 40. In the bearish trend zone, the altcoin has the potential for an additional decrease. The price bars are below the moving average lines, accelerating the downward trend.The largest altcoin is already in the market’s oversold zone.

It is below the daily Stochastic level of 20. The selling pressure is wearing thin.

Conclusion
Ethereum price has fallen above the moving average lines as it continues its upward trend. If the present support level of $1,800 holds, the decline may conclude. The biggest altcoin will drop back to its previous low of $1,720 if purchasers are unable to maintain the current support.

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