Ethereum Falls In Value As It Faces Rejection At $1,650

Cryptocurrency analysts of Coinidol.com report, the Ethereum price (ETH), which last fell on September 11, is currently in an upward correction.

Long-term analysis of the Ethereum price: bearish

The largest altcoin experienced a decline to a low of $1,532 before rebounding. Although it reached a high of $1,654, the upward correction failed to break above the 21-day line SMA. Recently, Ether has been struggling with rejection. The largest altcoin has been bumped upwards from either the 21-day line SMA or the barrier at $1,650. The market is overbought near the recent high. The downside is that the price of Ether is now trading below the barrier. The cryptocurrency's decline will approach its previous low of $1,532 or $1,517 if selling pressure picks up again.

Ethereum indicator analysis

For the period 14, Ether is in the downtrend zone at the Relative Strength Index level of 45. The price bars are encountering resistance as the altcoin is trapped at the 21-day line SMA. Ether has pulled back from the overbought zone. It is below the daily stochastic level of 40.

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

The upside correction was trapped at the 21-day line SMA last week. After being rejected at the moving average lines, Ether is currently bearish. Ether is currently trading in a limited range between $1,500 and $1,650. If this trading range is broken, the largest altcoin will develop a trend.

On September 15, 2023 cryptocurrency analytics specialists of Coinidol.com stated that since July, the 21-day line SMA has been the resistance line of the price. Ether recovered and reached a high of $1,748 on August 29. 

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.