The price of Ethereum (ETH) has declined and fallen below the 21-day line SMA. Ether has fallen to the low of $1,712. The current support is the historical price level of July 28.
The largest altcoin is likely to hold above the current support. However, if the bears break below the current support, the market will fall to the low of $1,449.
In other words, ETH will fall above the 50-day line SMA. However, if the 50-day line SMA holds, the altcoin will resume its movement between the moving average lines. The cryptocurrency will develop a trend when the moving average lines are broken. For example, if the bears break below the 50-day line SMA, the downtrend will resume. The market will fall to the previous low at $1,029.90. Meanwhile, ETH /USD is trading at $1,735.31 at press time.
Ether is at level 50 of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The largest altcoin will continue its movement within a range as the Ether price falls between the moving average lines. ETH /USD is below the 20% range of the daily stochastic. The altcoin has fallen into the oversold zone of the market. Therefore, the selling pressure might ease.
Major resistance zones: $2,500, $3,300, $4,000.
Key support zones: $2,000, $1,500, $1,000
The Ether price is in a downtrend as the price breaks below the moving average lines. Meanwhile, on August 17 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to the level 1.618 Fibonacci extension or $1,746.59. The price action shows that Ether is moving above the 1.618 Fibonacci extension.
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 funds.