Following the rejection at the $2,000 overhead resistance, the selling pressure extended to the low of $1,740 on March 15. Immediately, the bulls buy the dips to push Ether upward as price reaches the high of $1,820.
A further upward move has been impeded by the bears. For the past three days, the bulls and bears have been in price tussles between $1,740 and $1,820. Today, the bulls have broken the minor resistance at $1,820 but were subsequently repelled at $1.840.
Ethereum is falling after rejection from the $1,840 high. If the altcoin recovers from this fall and breaks the $1,840 resistance, the bulls are likely to retest or break the $1.940 or 2,000 overhead resistances. Conversely, if the current downturn continues and the bears break the previous low at $1,740, the market is likely to decline to a $1,680 low. Meanwhile, ETH has fallen to $1,812 at the time of writing.
The biggest altcoin is at level 54 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. Ether is also below 80% range of the daily stochastic. It indicates that the ETH is in a bearish momentum and there is a likelihood of further downward move.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
Ethereum is presently range bound between $1,740 and $1,840. The Fibonacci tool has indicated a possible upward movement of price. On March 18 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.272 Fibonacci extension or the high of $1, 877.73. Ether is likely to reverse at the recent high.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.