Ethereum Price Falls As It Encounters Rejection At $2,800

Ethereum (ETH) is losing value despite hovering above the $2,300 support level. Price analysis by Coinidol.com.

Ethereum price long-term analysis: bearish

On August 21, as reported by Coinidol.com, the bulls halted the decline above the $2,300 support level and made an upward correction. The 21-day SMA or resistance at $2,800 put the brakes on the uptrend. The cryptocurrency has pulled back to its current support level and is now hovering above it.

On the downside, Ether will fall further if it loses the $2,300 support. The largest altcoin will fall below its historical lows of $2,116 and $2,000 respectively. At the time of writing, the value of the altcoin stands at $2,394.

Ethereum indicator analysis  

Since August 5, the price bars have remained below the moving average lines and the risks for Ether to stay below these lines are increasing. On the daily chart, the moving average lines are sloping south, indicating a downtrend.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

After the price drop on August 5, when it reached a low of $2,116, Ethereum is trading sideways.

However, the price signal for the cryptocurrency has indicated a further fall. Ether prices will fall further, reaching lows of $1,800 and $1,600.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.