Ethereum Continues its Bear Market And Could Slip to a Low Of $2,800

The Ethereum price (ETH) is in a downtrend as the bears have broken below the $3,000 support level. The largest altcoin has lost the $3,000 price level that held last week.

Ethereum Price Long-Term Analysis: Bearish

Ether previously moved above the 50-day line SMA, but below the 21-day line SMA. Today, the bears have crossed below the moving average of the 50-day line, indicating further downward movement of the cryptocurrency. Ether is falling and is likely to reach the next support at $2,800. The bearish momentum will extend to the low of $2,491 if the altcoin loses the support at $2,800. ETH/USD has fallen to $2,898 at the time of writing.

Ethereum Indicator Analysis 

The altcoin has fallen to level 40 on the Relative Strength Index for period 14. Ether is trading in the bearish zone and below the center line 50. The price of the cryptocurrency is below the moving averages, which indicates further downward movement of the cryptocurrency. Ether is below the 20% area of the daily stochastic. It has fallen into the oversold area of the market. This indicates that the downtrend has reached bearish exhaustion. 

Technical Indicators: 

Key resistance levels - $4,500 and $5,000

Key support levels - $3,500 and $3,000

What is the next direction for Ethereum? 

Ethereum is in a downtrend. Today, the market hit the low of $2,883 and declined. Meanwhile, on April 11, the downtrend; a declining candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the level of the 1.618 Fibonacci extension or $2,802.72.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.