Ethereum Drops as It Fails To Sustain Above $1,700

Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is in a constrained range as it fails to sustain above $1,700. Since the uptrend began on January 20, buyers have not yet broken through the resistance level. The resistance point was broken on February 2 when the price of Ether climbed as high as $1,714.60. Buyers were unable to maintain their positive momentum over the $1,700 support level. Ether dropped and was compelled to enter a range below the resistance level. The largest altcoin is currently trading in the $1,500–$1,700 range. If buyers can pass through the $1,600 and $1,700 resistance levels, Ethereum will reach a high of $1,800. However, if Ether falls and the bears breach the $1,500 support level, there will be more selling pressure. The altcoin will drop to a low of $1,352.

Ethereum Indicator Analysis
The bullish trend zone is where Ether is trading. For period 14, it is at level 64 of the Relative Strength Index. Ether is also rising as a result of the price bars being higher than the moving average lines. If price bars are lower than the moving average lines, Ether will decrease. It is currently moving upward and above the daily Stochastic’s level 50.

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

What Is the Next Direction for Ethereum?
The largest altcoin has resumed its range-bound movement as it fails to sustain above $1,700. Since buyers have been unable to overcome the resistance at $1,700, Ether has been forced to move in a range. The fact that Ether’s price bars are higher than the moving average lines suggests that the altcoin will keep trying to break through the resistance at the most recent high.

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