Ethereum Recovers as It Remains above the $1,800 Support Level
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has retraced above the moving average lines as it remains above the $1,800 support level. Following the previous fall, Ether is rebounding above the moving average. If buyers keep the price above the moving average lines, the present rise will resume.
Ether will reach previous highs of $1,950 and $2,000 in price. On July 6, Ether retraced to a low of $1,848. On the downside, if the bears violate the $1,800 support or the moving average lines, the largest altcoin will fall. The altcoin will fall to its prior low of $1,725 . Meanwhile, Ether is trading above the $1,800 support level.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
The altcoin has dropped between the moving average lines, indicating that the cryptocurrency may be moving in a range. On the Relative Strength Index for period 14, the largest altcoin has fallen to level 50. It signifies that the market has attained its price equilibrium.
Demand and support have reached a balance. Ether is trading in the oversold zone, just below the daily Stochastic threshold of 20.
Conclusion
The altcoin is above moving average lines as it remains above the $1,800 support level. This indicates that the selling pressure has been depleted. Ether has fallen to an oversold market zone. As a result, buyers are expected to appear at lower price levels and push prices upward.
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