The price of Ethereum (ETH) has started a move below the moving average lines. The bulls bought the dips after stopping the decline above the $2,200 support.
Long-term analysis of the Ethereum price: bearish
Ether price is fluctuating between $2,200 and $2,800. The upside is uncertain as Ether faces rejection at the high of $2,600. Moreover, the price indication predicts that the cryptocurrency will continue to decline. Ether is in a downtrend and if it falls below the support level of $2,400, the bears will try to push it back to the previous level of $2,116.
However, if the $2,116 support is breached, Ether will fall to the expected price level of the 2.0 Fibonacci extension or $1,674. Ether is currently trading at $2,630.
Analysis of the Ethereum indicators
Ether’s price bars are moving below the moving average lines after reaching the $2,116 support level. The price bars are likely to continue moving lower as long as the downtrend continues. On the weekly chart, the moving average lines are horizontal, indicating a sideways trend.
Technical Indicators:
Key resistance levels – $4,000 and $4,500
Key support levels – $3.500 and $3,000
What’s next for Ethereum?
Ether is expected to fall further due to the failed upward correction on July 15. On the weekly chart, the altcoin fell to a low of $2,099 before recovering. The price indicator points to a further decline to a low of $1,674. Meanwhile, the price has held steady above the $2,600 support level.
Previously, on August 6, ETH was hovering above the $2,400 support level, as reported by Coindol.com. It is correcting upwards, but the move could be rejected at its recent peak.
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.
