Cryptocurrency analysts of Coinidol.com report the Ethereum (ETH) price has held above the support level of $1,600 after rising from a low of $1,517.
The bears were unable to continue their negative run as altcoin entered the oversold zone of the market. As the selling pressure reaches bearish exhaustion, the biggest altcoin is fluctuating around the $1,600 support.
The extended candle tail suggests that a lot of buying is underway at the lower price level. At the time of writing, Ether is trading at $1,661.50. The previous low from June 14 is the current support. In the past two months, the current support has not been broken. Bears are trying to break the existing support. Ether will resume its uptrend if the current support holds.
Ether is extremely oversold and has reached the level 19 of the Relative Strength Index for the period 14. The price bars are well below the moving average lines, indicating a downtrend. As long as the price bars are below the moving average lines, Ether will fall. The bullish momentum has reached the daily stochastic value 40.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
Ethereum is now in a downtrend. Selling pressure has stopped above the $1,517 support level. Buyers are in the process of breaking back above the $1,600 support and resuming the uptrend. However, if the bears break the current support, Ether could fall to $1,517.
As we reported on August 16, the most valuable altcoin is trading between $1,800 and $1,900. Ether is trading below the moving average lines but above the support level of $1,800.
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.