Ethereum's price has fallen and is facing resistance at $2,000 and rejection at the 21-day SMA.
The largest altcoin has been trading above support at $1,750 and below resistance at $2,200 since the March 10 downtrend. Although Ether has broken through the 21-day SMA resistance, it has not been able to move above the $2,000 level. Had buyers been successful, the largest altcoin would have risen to highs of $2,400 and $2,800.
Ether is holding above the $1,800 support after falling to a low of $1,883 today.
On the downside, Ether will return to the $1,750-$2,200 range if the altcoin pulls back. However, if the current support of $1,750 is breached, Ether will fall further to the low of $1,550. Ether has held above the $1,800 support in the meantime.
The cryptocurrency's price bars were previously pinned by the moving average lines. However, the bears have broken below the 21-day SMA support, indicating that ETH's decline is likely to continue. The moving average lines on the daily chart have slipped downwards, indicating a downtrend.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
The largest altcoin has reached the oversold area of the market. Ether has been trading at the bottom of the chart but above the $1,750 support for the past two weeks. If Ether falls and stays above the $1,750 support, it will continue its rangebound move. Ether will test the current support at $1,750 for the second time.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
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