Ethereum Pauses above $3,200 Support, May Reach $2,800 Low
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in a downtrend but it may reach $2,800 low. The selling pressure has resumed after breaking below the previous low at $3,436. This was the previous low of the December 4 price slump. Ether may further decline to the next support at $2,840. Today, Ether is retesting the historical price of September 10. The largest altcoin is trading at $3,236 at press time. The cryptocurrency will further decline if the current support is breached.
Ethereum Indicator Analysis
Ether has fallen to level 29 of the Relative Strength Index period 14. The RSI has indicated that Ether has reached the oversold region of the market. A further downward move is unlikely as the market reaches bearish exhaustion. Also, buyers are likely to emerge in the oversold region. The largest altcoin is in a serious downtrend. The crypto’s prices are well below the moving averages which indicate a further downtrend. Ether is also below 20% area of the daily stochastic.
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?
Ether is in a downward move but it may reach $2,800 low. The market has fallen to level of $3,236 low. Meanwhile, on November 18 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.618 Fibonacci extension or $2,540.17.
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