Ethereum Loses Support At $1,600 And Continues To Fall

Cryptocurrency analysts of Coinidol.com report, Ethereum (ETH) price is falling rapidly after losing critical support at $1,600.

Long-term analysis of the Ethereum price: bearish

The bulls had previously broken the 21-day line SMA but were unable to sustain their upward momentum. The bulls had to admit defeat as the cryptocurrency fell to a low of $1,580 at the time of writing. Had the bulls prevailed, the cryptocurrency would have risen above the moving average lines. The positive momentum could continue above the $1,700 support level. The decline is expected to continue today as the bears take control of the market. Sellers will try to push the altcoin to its previous low of $1,530. If the bears break the previous low of $1,530, the largest altcoin will face further selling pressure. The market will drop further to a low of $1,410.

Ethereum indicator analysis

The largest altcoin has fallen to the Relative Strength Index low of 38 for the 14 period. The altcoin is gradually sliding into the oversold zone of the market. Ether will fall if the 21-day line SMA resists the price bars. The moving average lines limit Ethereum's upward movement. The altcoin is in a negative trend below the daily stochastic threshold of 40.

Technical indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

Ethereum is falling to its previous low of $1,530. The next move of the market will be determined if Ether falls below $1,530. A price rise above $1,530 will push the altcoin to a high of $1,700. If the bears break the low of $1,530, Ether will fall to the lows of $1,410 and $1,370.

On September 18, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the largest altcoin experienced a decline to a low of $1,532 before rebounding. Although it reached a high of $1,654, the upward correction failed to break above the 21-day line SMA. 

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.