Ethereum May Face Renewed Selling Pressure as It Struggles Above $1,523 Support

Ethereum price (ETH) has started resuming selling pressure as bears are retesting the $1,523 support.

Ethereum price long-term analysis: bearish

On August 20, the largest altcoin dropped to the low of $1,523 as the bulls bought the dips. In the last 48 days, Ether has been fluctuating above the current support. Also, over the past 48 days, Ether has been trading between the 50-day line SMA and the 21-day line SMA. If the bears break below the 21-day line SMA, selling pressure will increase again. The largest altcoin will continue to fall to the low of $1,127. However, the bearish momentum will extend to the low of $800. Meanwhile, Ether is trading at $1,561.70 at the time of writing.

Ethereum indicator analysis

Ether is at level 41 of the Relative Strength Index for period 14. The largest altcoin is in a downtrend zone after the recent decline. It is vulnerable to further decline in the downtrend zone. Ether will continue to trade within the trading range as it is trapped between the moving average lines. ETH/USD is below the 60% area of the daily stochastic. The altcoin is in the bearish trend zone.

Technical indicators

Key resistance zones: $2,500, $3,300, $4,000.

Important support zones: $2,000, $1,500, $1,000

What is the next direction for Ethereum? 

The Ether price is fluctuating above $1,500, but risks a further decline below the current support. On the weekly chart, a retraced candlestick tested the 61.8% Fibonacci retracement level on March 28. The retracement suggests that ETH will fall to the 1.618 Fibonacci Extension level or $655.28.

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.