The price of Ethereum (ETH) is falling after the altcoin failed to break through the $2,131 mark.
The largest altcoin also failed to hold above the psychological price level of $2,000 per coin. Ether fell to a low of $1,940 before recovering. The bulls are stopping the decline above the 21-day SMA as the cryptocurrency rises above the moving average lines.
On a positive note, Ether will continue its uptrend if it recovers above the current support. This will push the cryptocurrency back above the $2,000 mark. The uptrend will continue to the high of $2,200. The bears will try to break below the 21-day SMA if the upside scenario is violated. Ether is at risk of a decline if the bears break below the 21-day SMA. The bearish momentum will extend to a low above the 50-day simple moving average. In other words, Ether will fall to the $1,946 breakout level.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
The price bars on the 4-hour chart are below the moving average lines due to the recent decline. This could cause the altcoin to fall even further. The price bars on the daily chart are above the 21-day SMA, suggesting that the uptrend is still continuing. On the other hand, the current uptrend will expire if the price falls below the 21-day SMA.
Ether's decline has paused above the $1,940 support level. The largest altcoin is currently trading just below the psychological price level of $2,000. The cryptocurrency is in a limited range as a breakout or breakout is expected.
According previous analysis by Coinidol.com, Ether's upswing was interrupted when the bears lost their potential below the psychological price threshold of $2,000.
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.