Ethereum Attempts a Reversal While Remaining Stable above $1,800
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Ethereum Price Long-Term Analysis: Bearish
The price of Ethereum (ETH) fluctuates between the moving average lines while remaining stable above $1,800. When the moving average lines are broken, the largest altcoin will trend. The price indicator predicts that Ether will fall but will rise over the $1,800 support level. More selling pressure over the support level is doubtful.
On the plus side, Ether will resume bullish momentum if it rebounds above the $1,800 support and breaks the 21-day SMA. The cryptocurrency will return to its earlier high of $2,000. Meanwhile, Ether is declining and has reached a low of $1,871.10.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support evels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
Ether is in a negative trend zone at level 47 of the Relative Strength Index period 14. As long as the crypto asset is locked between the moving average lines, it will continue to vary. The altcoin is currently in a bearish trend below level 50 on the daily Stochastic.
Conclusion
Ethereum has achieved bearish exhaustion while remaining stable above $1,800. Ether fell to the $1,900 support level on July 14 before correcting upward. The correcting candlestick tested the Fibonacci retracement line of 78.6%. According to the correction, Ether will fall but then recover at the 1.272 Fibonacci extension, or $1,868.10.
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