Ethereum Returns to $1,500 Support as It May Fall Further

Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has fallen below the 21-day SMA and it may fall further. The largest altcoin plummeted and resumed consolidation after crossing the $1,575 support. Ethereum has been trapped between the moving average lines in a similar manner. The altcoin has, incidentally, moved back into the prior range-bound region. The price of Ether is currently fluctuating between $1,500 and $1,700. The largest altcoin will resume bullish momentum if Ether’s price crosses over the 21-day line SMA and the barrier at $1,700. Ether will drop to a low of $1,200 if the bears’ breach is below the 50-day line SMA. On the other hand. Ether is confined between the moving average lines.

Ethereum Indicator Analysis
At level 48 of the Relative Strength Index for period 14, Ether is in a negative trend zone. The price of the cryptocurrency is situated between the moving average lines, pointing to a potential range-bound movement. The bullish momentum has paused above the daily Stochastic threshold of 25. The altcoin has now partially entered the oversold area in the interim.

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 moving average lines have imprisoned the largest altcoin as it may fall further. The price of the cryptocurrency is varying over the $1,600 support. Doji candlesticks, which have small body and are indecisive, are what define the price movement.

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