Cryptocurrency analysts of Coinidol.com report, the price of Ethereum (ETH) has retreated below the $1,850 level, signaling the end of its upward momentum.
The major altcoin traded and rose to the $1,900 mark. The altcoin was rejected after retesting the resistance zone between $1,855.60 and $1,866.10.
Bulls were unable to maintain their bullish momentum as the market reached overbought levels. At the time of writing, Ether is trading at $1,794.20, and since October 24, the uptrend has slowed down as Ether has been trading within a narrow range. In the last four days, the altcoin's price fluctuated between $1,760 and $1,850. If Ether falls down and finds support above the breakout level of $1,746, the rise will resume. If Ether falls below the $1,746 breakout level, selling pressure will continue. The cryptocurrency will continue to fall to a low above $1,600.
The largest altcoin is in reverse just above the moving average lines. The price bars in the lower time frame are close to and above the 21-day SMA. The price bars are supported by the 21-day SMA. If the price of ether falls below the moving average lines, it will fall. The moving average lines are sloping upward, indicating a recent rise.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
The extended wicks of the October 24 and 26 candles are the reason why the uptrend of the cryptocurrency value has stopped. Long candlesticks signaled significant bearish selling pressure at the higher price level. The decline subsided when the altcoin stayed back within its trading range and crossed the support level of $1,760.
On October 24, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the high of $1,750 will reject any further rise. Ether is testing the barrier zone of $1,750 for the third time.
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.com. Readers should do their research before investing in funds.