Ethereum Slips into Oversold Zone as It Rebounds above $1,700
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Ethereum Price Long-Term Analysis: Bearish
The price of Ethereum (ETH) has broken through the current support level of $1,800 as it rebounds above $1,700.The selling pressure has dropped to the predicted level. The price indicator has already forecasted that the altcoin will fall but then reversal at the 1.272 Fibonacci extension level or $1,787.88 low.
Furthermore, the largest altcoin is trading towards the market’s oversold region. This suggests that the selling pressure in the market’s oversold region will shortly ease. Meanwhile, Ether is trading in a limited range between $1,780 and $1,800 per coin.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
The largest altcoin is reaching the oversold territory on the Relative Strength Index for period 14 at level 34. The price bars are below the moving average lines, causing the fall. Ether has gone below the daily Stochastic level of 20. The coin has slipped into the market’s oversold zone. Buyers are anticipated to emerge to drive prices higher.
Conclusion
Ethereum has dropped to a new low of $1,778.70 as it rebounds above $1,700. The cryptocurrency’s price is currently ranging between $1,780 and $1,800. Ether will begin to rise once it breaks over the prior support level of $1,800.
However, additional declines in the cryptocurrency seem unlikely as the market approaches oversold territory.
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