Ethereum Breaks Through Current Support And Returns To The Low Of $1,079

Dec 16, 2022 at 10:25 // Price
Coin Idol
Ether has shot above the current support

Ethereum (ETH) is moving in a range as buyers and sellers continue to haggle over the price over the last 48 hours.

Ethereum price long term analysis: bearish

On Dec. 13, buyers managed to keep the price above the $1,300 level and the 50-day line SMA, but they were unable to sustain upward momentum. At the $1,350 high, the largest altcoin faced strong selling pressure. The negative momentum found support above the 21-day line SMA yesterday, sending the price down to $1,260. Today, the altcoin resumed its upward movement and is now trading in a range 

The price was not held below or above the moving average lines by either buyers or sellers. The price of Ether drops more than $1,200 after each rejection. As the bulls bought the dips today, Ether has shot above the current support. In the worst case scenario, Ether will crash and find support above the low at $1,100 if the bears break below the current level. If the 50-day line SMA and resistance at $1,300 are broken, Ethereum will rise to $1,600.

Analysis of Ethereum indicators 

The Relative Strength Index for Ethereum is at 50 for period 14. There is a balance between supply and demand. The price bars are between the moving average lines, which indicates that the price range for Ether will not change. The daily stochastic for Ether is at 20 or below. The market is oversold at this point. Selling pressure is not expected to escalate.

ETHUSD(Daily Chart) - December 16.22.jpg

Technical indicators 

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

Key support levels - $1,500 and $1,000

What's next for Ethereum?

Today, as the altcoin drops below the $1,200 support, sellers have managed to drop below the 21-day line SMA. If the current support is broken, the largest cryptocurrency will eventually return to the psychological price level of $1,079.

ETHUSD(4 Hour Chart) - December 16.22.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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