Ethereum price (ETH) has fallen into the downtrend zone. Although it has risen above the 50-day line SMA, it is falling below the 21-day line SMA.
In other words, the moving average lines are where Ether is trading. If the largest altcoin is trapped between the moving averages, the decline will stall above $1,500. On the other hand, if the bears break below the moving averages, the decline will end at a low of $1,200. ETHthe /USD suffered a setback today after hitting a low of $1,576. It is bound to move in a range as long as it is constricted between the moving average lines. The altcoin is currently trading for $1,595.00.
The relative strength index for Ether has dropped to the 48 level for the 14 period. The altcoin has the potential to fall during a downtrend. Moreover, as Ether is constricted between the moving average lines, the rangebound movement might start. The altcoin has reached the oversold area. It is currently at level 20 of the daily stochastic.
Key resistance levels - $2,000 and $2,500
Key support levels - $1,800 and $1,300
The largest altcoin is currently bearish and has reached bearish exhaustion. The cryptocurrency is now in its previous range bound region. The alternative currency is trading at 1,500 and 1,700. When these thresholds are crossed, Ether will start trending. In order to push Ether higher, buyers are expected to show up in the oversold region.
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.