Ethereum Falls Back in Face of Rejection of Historic Price Level of $2,980

Ethereum price (ETH) is in a downtrend but making an upward correction. The uptrend reached the high of $2,980.50 but was rejected.

Ethereum Price Long-Term Analysis: Bearish

Now, Ether is trying to pull back from the high at $2,980, a historical price level. The setback was triggered by a retest of the historical price level on March 1 and March 18. On March 1, the bullish momentum was pushed back as the altcoin retreated and found support above $2,447. On March 18, the largest altcoin saw a minor decline as it rose to a high of $3,578. 

Today, Ether is moving above the $2,900 support, and if the cryptocurrency rallies above the current support, Ether will rally above the moving averages. This will push the altcoin to regain the previous highs of $3,200 and $3,400.

Ethereum Indicator Analysis 

Due to the recent upward movement, Ether is at level 44 of the Relative Strength Index for the period 14. Despite the upward movement, the altcoin is in the downward trend area and may fall. The altcoin is above the 25% area of the daily stochastic. The cryptocurrency has previously fallen into the oversold area of the market. The market is in a bullish momentum, but it is unstable.

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? 

Ether is in a downtrend, but the uptrend has stalled as the altcoin is again under selling pressure. However, the bearish momentum will not last if the altcoin finds support above $2,900. Meanwhile, on April 11, the downtrend; a retreating candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the 1,618 Fibonacci Extension level or $2,742.82. Starting from the price action, the market fell to the low of $2,767 and then continued its  uptrend.

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.