Ethereum Trades Sideways Below The High Of $1,700

Feb 04, 2023 at 08:30 // Price
Coin Idol
Ether is moving sideways just below the $1,700 resistance level

The Ethereum price (ETH) is fluctuating below the $1,700 level.

Long-term analysis of the Ethereum price: bullish

The recent uptrend has ended since January 20, when the market reached an overbought level. Ether traded in a range last week as buyers try to resume the uptrend. On February 2, when Ether reached a high of $1,714.60, the price of the cryptocurrency broke through the resistance level. Buyers were unable to maintain positive momentum above the $1,700 support level. As a result, Ether fell and was forced to trade in a range below the resistance level. Ethereum will reach a high of $1,800 if buyers can overcome the resistance levels of $1,600 and $1,700. However, if Ether falls and the bears break the support at $1,500, the selling pressure will increase. The altcoin will then fall to the low of $1,352.

Analysis of Ethereum indicators

The Relative Strength Index for the 14 period was 63. The altcoin will rise due to its current favorable trend. The price bars are above the moving average lines, which indicates that the price of the cryptocurrency will continue to rise. The daily stochastic is at 50, which means that the cryptocurrency is in a positive momentum.

ETHUSD(Daily Chart) - February 3.23.jpg

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ether is moving sideways just below the $1,700 resistance level. After rejecting the recent high, it has currently fallen back above the $1,600 support. With buyers failing to break the recent high, the digital asset may be forced to trade in a range.

ETHUSD( 4 Hour Chart) - February 3.23.jpg

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 in funds.

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