Ethereum (ETH) is fluctuating below $1,600 as the altcoin reaches the overbought region. Moreover, the price action is characterized by small indecisive candlesticks. The candlesticks indicate that buyers and sellers are undecided about the direction of the market.
Later, sellers might have the upper hand as the altcoin is trading in the overbought region. However, if the altcoin rises back above the $1,500 support, the bulls will break the $1,600 resistance. This will propel Ether to rise to the $2,013 high. On the other hand, if Ether leaves the $1,600 resistance, it could fall to a low of $1,319. Meanwhile, the largest altcoin is trading at $1,545.75 as this article is being written.
The largest altcoin is at level 60 of the Relative Strength Index for period 14, indicating that Ether is in an uptrend but failed to break through resistance at $1,600. The altcoin is above the 80% area of the daily stochastic. This indicates that the altcoin is in the overbought region of the market. The Ether price is fluctuating in the overbought region of the market. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000
Ethereum is in a sideways movement as the uptrend ends at the high of $1,600. The largest altcoin will decline as it is overbought at the high of $1,600. However, the extent of the selling pressure is not clear. The market will resume its bullish momentum as the altcoin falls and finds support above the moving average lines.
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.