Ethereum (ETH) has fallen again in the last 48 hours after an upward correction. If the price falls below the previous low of $3,676 today, Ether will continue to fall to the low of $3,409.
The current downturn has been ongoing since December 1, when Ether rose to a high of $4,755. Since rejecting the recent high, the Ether price has made a series of lower highs and lower lows. Currently, the largest altcoin is posting a lower low as selling pressure picks up. If the altcoin falls to the previous low of the December 4 price drop, one would say that the market has reached oversold territory. Further downside is unlikely. Meanwhile, as of press time, Ether has fallen to a low of $3,883.
Ether's current downward move has reached the low of level 42 of the Relative Strength Index for the period 14. It is in the downtrend zone and below the midline 50. The market will reach the oversold zone if the price falls to the level 30 of the RSI on a daily basis. Currently, the market is below the 80% area of the Stochastic on the daily chart. It is in a bearish momentum.
Major Resistance Levels - $4,500 and $5,000
Major Support Levels - $3,500 and $3,000
Ethereum has been in a downtrend since December 1. The current selling pressure is likely to continue to the downside. Meanwhile, on December 10, the downtrend has seen a retracement candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the 1.618 Fibonacci extension level or $3,444.
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.