Following its failure to sustain above the $1,920 high, Ethereum is now confined between $1,750 and $1,850. Today, Ether is trading below $1,800 high as a result of selling pressure.
For the past week, buyers have not been able to push on the upside. Similarly, the bears are yet to breach the current support, hence the range-bound movement. Ethereum upward move depends upon the bulls breaking the $1,850 resistance. If the bulls are successful, a retest at $1,920 and $2,000 is likely. Conversely, if the bears break below $1,750 support, Ether will plunge to $1,450 low. Ethereum is trading at $1.789.20 at the time of writing.
The biggest altcoin is below the 60% range of the daily stochastic. Thus indicates that the market has bearish momentum. Ether is at level 51 of the daily Relative Strength Index period 14. It indicates that there is a balance between supply and demand.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
Ether is falling to the lower price range. The market will resume upward if it finds support above $1,750. The Fibonacci tool has indicated an upward movement of price. The 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 $2,015.80 and reverse. The analysis will hold if the $2,000 overhead resistance is breached
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.