Ethereum Recoups above $1,500 Low but Remains below the Recent High

Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price is in decline below the moving average lines but remains below the recent high. The biggest altcoin faced stiff rejection on September 21 as the bears broke through the crucial support level of $1,600. Ether fell from a high of $1,671 to a low of $1,570. The altcoin is now selling for $1,593.50 as of this writing.

Since the price decline on September 21, ETH/USD has maintained a steady price above the $1,500 level. The current support is being defended by buyers. Doji candlesticks have restrained the price movement during the past week. Long candlestick tails are also pointing downward. The candlestick tails show strong purchasing at lower price levels.

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

Ethereum Indicator Analysis
Ether has stayed put above the existing support. The Relative Strength Index for period 14 has remained around level 41 in a similar manner. Ether is in a bearish trend zone and could continue to decrease. The coin is in an upward correction as it crosses the daily Stochastic’s level 80. The altcoin is overbought and could fall.

Conclusion
Ethereum is halted at the $1,600 barrier level but remains below the recent high. The market is overbought near the most recent high. If sellers emerge in the overbought area of the market, the coin will decline. The price indicator predicts that Ether will decline then turn around at the 1.272 Fibonacci extension level, or $1,542.20.

You can buy crypto coins here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results