The latest price analysis by Coinidol.com report, the Ethereum (ETH) price has dropped to $1,802 after falling below the 50-day simple moving average (SMA).
Buyers have held the price above $1,800 support since Aug. 1. However, the altcoin's subsequent upward movement was halted around the $1,850 high.
If buyers keep the price above the moving average lines, the largest altcoin will resume its positive momentum. Ether will rise and retest the psychological milestone of $2,000. If the bears break below the $1,800 support, Ether will crash again. Sellers have made several attempts to resume selling pressure, while bulls have bought the dips. At the time of writing, Ethereum's price is at $1,831.
The Relative Strength Index for period 14 is at 41 as Ethereum consolidates above immediate support. The altcoin is more likely to fall than rise as long as it is in the bearish trend zone. Moreover, the price bars are below the moving average, which contributes to the altcoin's decline. Ether is rising above the daily stochastic barrier of 60. The uptrend has stalled below the high of $1,840.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
Ethereum is in a steady downtrend on the 4-hour chart. The price of the cryptocurrency is forming a series of lower highs and lower lows. The cryptocurrency is being rejected by moving average lines. If Ether falls below the $1,800 support level, the bearish momentum will resume in full.
As we reported on August 06, on August 2, the bears broke below the 50-day simple moving average. As a result, the value of the largest altcoin fell.
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.