Ethereum (ETH) is in a downtrend after sellers broke through support at $1,200 on November 20. Incidentally, the break of the $1,200 support signals the resumption of the selling pressure.
Sellers will try to regain the previous low of $1,071 as the altcoin sinks. On the downside, Ether will rally if it falls and regains the previous low at $1,071. However, if the bears fall below the previous low at $1,071, Ether will fall to the next support at $925. Bulls will buy the decline as buyers are attracted to lower prices.
On the Relative Strength Index for period 14, Ethereum is at level 37. It is in a downtrend as it approaches the oversold area of the market. The price bars have remained below the moving average lines, indicating a further decline. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Major Resistance Levels - $2,000 and $2,500
Major Support Levels - $1,500 and $1,000
Ethereum has resumed selling pressure as the bears have broken below the $1,200 support. On the downtrend from November 9, Ether has completed an upside correction and a candlestick has tested the 61.8% Fibonacci retracement level. The correction suggests that ETH will fall to the 1,618 Fibonacci Extension level or $925.
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 in funds.