The latest price analysis by Coinidol.com report, Ethereum (ETH), which experienced a price decline on August 17, has risen above the support level of $1,600.
Bears repeatedly tried to push Ether to a low of $1,400. Nonetheless, the price rose back above the $1,700 mark, but the upward momentum could not be sustained. The price of the cryptocurrency has recovered to the 21-day line SMA. The price of Ether is above the support level of $1,700, but below the moving average lines.
If Ether falls back below the $1,700 support, it will drop and return to the range bound zone. Positive momentum will reappear and the Ether price will break out above the moving average lines if it can hold above the $1,700 support. A break above the moving average lines indicates that the uptrend has resumed. Ether will regain its previous high of $1,900 or $2,000 in the near future. At the time of writing, Ether is trading at $1,719.80.
The current price decline has reached the Relative Strength Index Level 49 for the period 14. This means that the Ether price has reached its equilibrium level. It means that supply and demand have reached an equilibrium point. The altcoin is in a downtrend as the price bars are below the moving average lines. Ether has crossed the level of 80 on the daily stochastics and is now overbought. It is likely that it will break down soon.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
The largest altcoin has received an upward impulse as the current slump is coming to an end. Ether has not yet fully recovered as it has not yet broken the 21-day simple moving average. Bullish momentum is sitting tight at the moving average lines. It is important to break the moving average lines to resume the uptrend.
As we reported on August 27, after the rally on August 17, buyers have been desperately trying to break through the $1,700 resistance. If the current resistance is broken, Ether will resume its uptrend.
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.