Ethereum Bounces Above $1,800 Low In A Limited Range

Jun 09, 2023 at 15:12 // Price
Coin Idol
Ether is below the moving average lines

The price of Ethereum (ETH) has remained constant between $1,750 and $1,900.

Long-term analysis of the Ethereum price: bearish

Since May 28, Ether has fluctuated below and above the moving average lines. Price bars are currently below Ether's moving average lines. The largest altcoin is trading at $1,845.30 at the time of writing. Buyers' attempts to keep the price above the $1,920 resistance level have failed twice to the upside. At the moment, Ether is below the moving average lines. The bulls are currently defending the $1,800 level, which acts as a support, to the downside. The cryptocurrency is consolidating above the existing support in anticipation of a positive trend. The longer candlestick tails indicate strong buying at lower price levels. 

Ethereum indicator analysis

On the Relative Strength Index, Ether is at the 48 level for the period 14. Ether is in a bearish trend zone below the moving average lines. It could fall if it is in the bearish trend zone. The position of the price bars below the moving average lines is the reason for the current decline. The altcoin has positive momentum when it is above the daily stochastic threshold of 25. The bullish momentum was slowed down by the barrier at the recent high.

ETHUSD(Daily Chart) – June 9.23.jpg

Technical Indicators:

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

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

Where does Ethereum go from here?

Ethereum is still trading below the moving average lines in an area that is within a trading range. As long as the price bars are below the moving average lines, Ether will lose value. Every time the cryptocurrency value retests the $1,800 support level, it bounces.

ETHUSD(4 –Hour Chart) – June 9.23.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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