Ethereum (ETH) is currently trading above the $1,500 support level and is in a downtrend.
The current decline has reached a low of $1,529. Selling pressure is expected to have eased above the existing support. Furthermore, the largest altcoin has been trading in a range between $1,500 and $1,700. These levels have not been breached since the sideways trend began on January 20. The altcoin is currently in a loop above the support level. For example, if the bears break the $1,500 support, the decline will resume. The price of Ether will drop rapidly and reach a low of $1,352. On the other hand, if the current support holds, the cryptocurrency will maintain its rangebound behavior between the rangebound levels.
Ethereum is at level 44 according to the Relative Strength Index for the period 14. The largest altcoin is currently declining and is in a downtrend zone. Ether could fall further as the price bars are below the moving average lines. At the moment, the Ether market is oversold. It is below the 20 level of the daily stochastic.
Key resistance levels - $2,000 and $2,500
Key support levels - $1,800 and $1,300
The price of the largest altcoin, which was around $1,500, has fallen to a lower range. The altcoin will be forced to move in a range if the existing support holds. Ethereum is still trading at the lower end of the chart. Currently, the altcoin is trading just above the support level. If the current support holds, the upward movement will increase.
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.