Ethereum Retraces to $2,855 Support as Buyers Recoup for a Fresh Uptrend

Yesterday, the altcoin fell to a low of $2,855. Today, there is a bullish candle above the support of $2,800. Ether will go up again if the current support holds. The market will rise to retest the resistance zone at $3,200. If the bears break the support at $2,800 to the downside, the market will fall to a low at $2,615. Meanwhile, Ether is trading at $2,902 at press time.

Ethereum indicator analysis

The altcoin is at level 47 of the Relative Strength Index for the period 14. The largest altcoin is in the downtrend zone due to the rejection of the high at $3,200. In the downtrend zone, Ether is capable of further downward movement. The price of the cryptocurrency is below the moving averages. Ether is below the 20% range of the daily stochastic. This indicates that the market has reached the oversold zone.

Technical indicators:

Major Resistance Levels - $4,500 and $5,000

Major Support Levels - $3,500 and $3,000

What is the next direction for Ethereum?

Ethereum is in a sideways movement below the $3,200 resistance level. The bulls retested the resistance zone five times but were unable to break the recent high. Today, Ether has fallen to the previous low and above the $2,800 support. ETH/USD has fallen into the oversold zone of the market. Therefore, buyers will emerge to push the altcoin to the previous highs.

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.