Ethereum Is in a Range as the Drop Subsides Above $1,500

Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is currently consolidating above the current support as the drop subsides above $1,500. The market’s oversold area has been reached by the current fall. It is currently caught in the space between the moving average lines. Ether is currently trading above the 50-day SMA but below the 21-day SMA. If Ethereum breaks below the 50-day line SMA, Ether will decline toward its $1,500 bottom. The downward trend will eventually hit a low of $1,352. The altcoin will once again test the $1,700 high if Ether regains bullish momentum and breaks over the 21-day line SMA. Nonetheless, the largest altcoin is located between the moving average lines. This implies that the altcoin will be forced to move in a range.

Ethereum Indicator Analysis
Ether has entered the bearish trend zone. It is at level 47 on the Relative Strength Index for period 14. Ether is vulnerable to value decline. A range-bound movement is feasible since the price bars are between the moving average lines. On a shorter time frame, Ether is in a downtrend below the daily Stochastic level of 20.

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’s price is fluctuating in a range bounded by the moving average lines as the drop subsides above $1,500. The biggest altcoin dashed to a market sector that was oversold. As Ether continues to consolidate above the present support, the selling pressure has decreased. Ether is caught in the moving average lines and is forced to continue traveling in a range.

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