Ethereum Risks Decline as Bears Threaten to Short below $1,800
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price is presently trading below the moving average lines as bears threaten to short below $1,800. The biggest altcoin has been trapped between the moving average lines since April 21. Ether was also priced between $1,800 and $1,950 per unit. Since May 8, the bears have deviated below the 50-day SMA. Currently, the price of Ether is fluctuating above the $1,800 mark. Sellers were halted as they tried to break below the $1,800 support. Buyers are currently looking for the price to hold above the moving average lines. Both the moving average lines below the $1,800 support and the price of Ether are currently constrained. The positive trend will restart if the price of Ether breaks through the moving average lines and the $1,900 resistance mark. On the other side, the decline will recur if the current support is compromised.
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 at level 45 on the Relative Strength Index for period 14. The price of Ether fluctuates inside a bearish trend zone and may continue to fall. The moving average lines, which typically speed up the downward movement of prices, are below the price bars. Ether is moving in a positive direction over the daily Stochastic level 25. At the moving average lines, the bullish momentum has become stationary.
What Is the Next Direction for Ethereum?
Ether is trading below the moving average lines or the resistance at $1,900 as bears threaten to short below $1,800. If the price of Ether rises above the $1,900 resistance level, the positive trend will resume. However, all signs point to a further decrease in Ether’s price to a low of $1,700.
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