Ethereum Pauses above $1,600 as Traders Show Disinterest in the Market Direction

Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has remained stable above the $1,600 support level as traders show disinterest in the market direction. The largest altcoin has not changed in price because the Doji candlesticks have restrained price movement. Doji candlesticks represent buyers’ and sellers’ disinterest in market direction.

ETH/USD is also stuck since the 21-day SMA is impeding its upward movement. Currently, the price range has been reduced to $1,600 and $1,660. If Ether rebounds above the current support, it will rise above the moving average lines. The bullish trend will continue until the high of $1,800. On the negative side, the pricing range has been marked by extended candlestick tails.

This shows that there is a lot of buying going on at cheaper prices. If the current support is breached, the altcoin’s value will fall.

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

Ethereum Indicator Analysis
Ether’s drop has paused above the Relative Strength Index level of 38. As it approaches the oversold region, the altcoin is stuck in the bearish trend zone. The 21-day SMA has served as a price bar resistance line. A break above the moving average lines indicates that the uptrend has resumed. The bearish momentum has paused below the daily Stochastic level of 40.

Conclusion
Ethereum is in a horizontal trend on the 4-hour chart as traders show disinterest in the market direction. The pricing bars are within a narrow range. The cryptocurrency is currently trading in a range between $1,600 and $1,660. Nonetheless, the market’s direction is unknown due to the presence of candlesticks.

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