Ethereum Struggles to Stay above $1,200 as Sellers Prevail

Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has been declining for the previous three days as sellers prevail. The biggest altcoin reached a low of $1,184 as bulls bought the dips. Above the $1,200 support, buyers are attempting to recover the altcoin. On the other hand, sellers are adamant about sinking the largest altcoin. In general, the existence of Doji candlesticks has slowed down price movement. The moving average lines have stopped the upward movement. The altcoin is forced to trade in a constrained range below the moving average lines. As Ether trades in the bearish trend zone, further price declines are likely. If the bearish momentum continues, the altcoin will decline to a low of $1,150 or $1,075 on the downside.

Ethereum Indicator Analysis
For period 14, Ether’s Relative Strength Index level has remained constant at 44. More price drops for Ether will occur in the bearish trend zone. Price bars have descended below moving average lines, which is what has caused the current decline. Ether is rising above the daily Stochastic level of 40. The horizontal sloping of the moving average lines indicates a sideways trend.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
MajorSupport Levels – $1.500, $1, 300, $1,100


What Is the Next Direction for Ethereum?
Ethereum continues to lose value as sellers prevail. The biggest altcoin has lost its current support at $1,200, but buyers are having a hard time pushing it back above that level. The Doji candlesticks, on the other hand, have made price movement challenging. The sideways movement will persist as long as Doji candlesticks dominate the price action.

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