Ethereum Falls Below $3,000 as Bears Break Support Level

The price of Ethereum (ETH) is in a downtrend as the largest cryptocurrency loses the $3,000 support.

Ethereum price Long-term analysis: bearish

Yesterday, Ether fell to the low of $2,940, but the bulls bought the dips. Buyers are struggling to regain the previous price level. The previous price level is above the 50-day line SMA, but below the 21-day line SMA. 

Ether will be forced to another round between the moving averages if buyers recapture the support at $3,000. 

Ether price will oscillate between the levels of $3,000 and $3,200. If buyers fail to rise above the 50-day line SMA, selling pressure will resume. The altcoin will initially fall back to the previous low at $2,819. In the meantime, the Ether price is trying to resume its uptrend as shown by a bullish candle.

Ethereum Indicator Analysis 

The altcoin has fallen to level 44 on the Relative Strength Index for the period 14. Ether is trading in the bearish zone and below the centre line 50. The altcoin is capable of falling to the downside. Ether price is below the moving averages, which indicates further downward movement of the cryptocurrency. Ether is above the 25% area of the daily stochastic. It is in a bullish momentum.

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 as the bears break below the moving averages. The price indicator has indicated another downward movement for the altcoin. Meanwhile, on April 11, the downtrend; a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the Fibonacci extension level of 1.618 or $2,725. 67.

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.