Ethereum (ETH) price has continued to fluctuate between $1,860 and $2,040 price levels. The bears failed to break the support at $1,860. Similarly, the upside has been restricted below $2,040.
The largest altcoin would have hit the low of $1,711 if it broke below the current support. Selling pressure is likely to resume if the price falls below the $1,860 support. The price action was insignificant as the market is characterized by indecisive candlesticks. Ether has fallen into the oversold zone of the market. This means that the selling pressure on the downside is likely to ease. However, in a market with a strong trend, the oversold condition may not last. Nonetheless, ETH /USD is trading at $1,894.78 at the time of writing.
The cryptocurrency is at level 40 of the Relative Strength Index of period 14. The altcoin is in the downtrend zone and below the midline 50. Ether is below the 20% area of the daily stochastic. It indicates that the crypto has fallen into the oversold area of the market. This implies that buyers are likely to show up in the oversold region.
Major Resistance Levels - $4,000 and $4,500
Major Support Levels - $2,000 and $1,500
Ethereum has continued to fluctuate in a range. Selling pressure will continue if the bears are successful. Meanwhile, on July 14 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the 1.618 Fibonacci extension level. This is the low of $1,667.17.
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.