Ethereum Is At An Impasse And Holding Above The $1,500 Support Level

Mar 06, 2023 at 12:20 // Price
Coin Idol
The price remains stable above the current support

The Ethereum price (ETH) is moving above the $1,500 support level after the price decline on March 3.

Long-term analysis of the Ethereum price: bearish

Selling pressure has eased as the altcoin resumed its consolidation above the recent support. The largest altcoin is trading lightly due to the appearance of Doji candlesticks, small indecisive candles. Since March 3, the price movement above the support of $1,500 has not changed. Ethereum does not rise or fall above its current support level. A price rally will break out above resistance at $1,600 or the moving average lines to the upside. Ether will regain momentum and rise to its all-time high of $1,700. A break of the price, on the other hand, will break the support at $1,500. This would mean that the downtrend has resumed. Ether will fall and reach a low of $1,352. At the time of writing, Ether is currently trading at $1,564.20.

Ethereum indicator analysis

The largest altcoin is at Relative Strength Index level 44 for the period 14. It is in a bearish trend and is likely to fall further. The moving average lines are sloping horizontally, indicating a sideways trend. The upward momentum has slowed above the Stochastic daily level of 40.

ETHUSD(Daily Chart) - March 6.23.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?

Ethereum is trading just above the $1,500 support level. The bullish candle on the 4-hour chart is rejected at the 21-day line SMA. Nevertheless, the price remains stable above the current support. However, a prolonged consolidation will lead to a price dip or rise. If the altcoin trend picks up, it will return to the $1,500-$1,700 range.

ETHUSD( (4 Hour Chart) - Match 6.23.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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