Ethereum Bulls Regroup Above Crucial Support as Bears Retest the $1,703 Low
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downward correction as bears retest the $1,703 low. The largest altcoin is trading between $1,703 and $1,875 price levels as buyers attempt to push prices upward. On the downside, if the bears break below the $1,703 support, the altcoin will decline to $1,370 low. Similarly, if the current support holds and rebounds, Ether will break above the 21-day line SMA and rally above the 50-day line SMA. The coin will resume upside momentum if buyers keep the price above the moving averages. In the meantime, Ether is making an upward move to the previous highs.
Ethereum Indicator Analysis
The crypto is at level 34 of the Relative Strength Index for period 14. Ether is in the downtrend zone as the crypto declines to the previous low at $1,703.Ether may decline as long as the price bars are below the moving averages. A price rebound will catapult the altcoin out of a downward correction. Ether is below the 40% range of the daily stochastic. The market is in a bearish momentum.
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
The largest altcoin has fallen to the previous low at $1,703 as bears retest the $1,703 low. The bears are retesting the previous low to break below it. Ether will rise upward if it rebounds above the current support. However, if the bears break below the current support, the Fibonacci tool analysis will hold. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $1,341.98.
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