Ethereum Is in a Decline as Sellers Revisit the $1,500 Support
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Ethereum Price Long-Term Analysis: Bullish
The price of Ethereum (ETH) has maintained a position above the moving average lines as sellers revisit the $1,500 support. Below the $1,600 high, the largest altcoin has been restricted. The upward movement has been stopped for the last five days. The altcoin is now forced to trade in a constrained range. If buyers manage to get past the resistance of $1,600 and $1,678, the present rise will resume. The next resistance level for Ether is at $1,800. However, if the existing resistance levels are not broken, the range-bound move will continue. The value of the coin will fluctuate between $1,500 and $1,600. On the downside, the bears might breach the $1,500 support, which would cause prices to decline. The price of Ether will drop to a low of $1,352 in the future. At the time of writing, Ether is now trading at $1,599.
Ethereum Indicator Analysis
Ether’s Relative Strength Index for period 14 is level 62. The bullish trend zone has been reached by Ether, allowing the coin to grow. Prices can increase to the previous high since the price bars are above the moving average lines. If prices are below the moving average lines, the situation is the opposite. The altcoin has been moving in a bearish direction since January 21. The daily Stochastic is below level 50 at this time.
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?
Ether retreats to the range-bound move as sellers revisit the $1,500 support. The 21-day line SMA and the 50-day line SMA have both been broken by the cryptocurrency’s price. This suggests that the altcoin may continue to fall till it reaches its previous low.
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