Ethereum’s price has fallen and is facing resistance at $2,000 and rejection at the 21-day SMA.
Ethereum price long-term analysis: bearish
The largest altcoin has been trading above support at $1,750 and below resistance at $2,200 since the March 10 downtrend. Although Ether has broken through the 21-day SMA resistance, it has not been able to move above the $2,000 level. Had buyers been successful, the largest altcoin would have risen to highs of $2,400 and $2,800.
Ether is holding above the $1,800 support after falling to a low of $1,883 today.
On the downside, Ether will return to the $1,750-$2,200 range if the altcoin pulls back. However, if the current support of $1,750 is breached, Ether will fall further to the low of $1,550. Ether has held above the $1,800 support in the meantime.
Ethereum indicator analysis
The cryptocurrency’s price bars were previously pinned by the moving average lines. However, the bears have broken below the 21-day SMA support, indicating that ETH’s decline is likely to continue. The moving average lines on the daily chart have slipped downwards, indicating a downtrend.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next direction for Ethereum?
The largest altcoin has reached the oversold area of the market. Ether has been trading at the bottom of the chart but above the $1,750 support for the past two weeks. If Ether falls and stays above the $1,750 support, it will continue its rangebound move. Ether will test the current support at $1,750 for the second time.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
