Ethereum Reaches Oversold Region as It Recoups Above $1,500

The price of Ethereum (ETH) is currently in an uptrend. The largest altcoin continues to move between the $1,500 support and the $1,600 level. The $1,600 resistance area was tested twice by buyers, but they were unable to maintain their bullish momentum above it.

The negative momentum against Ether stalled for today above the $1,500 support. After Ether was demented at the $1,600 high, it was initially forced to fall to the $1,400 support. The altcoin is expected to rise and reach its previous highs of $1,600 and $1,800 again if it overcomes the initial resistances. The altcoin is currently declining, which cancels the upward movement. If Ethereum is rejected by the stock market, it would quickly fall to a low above $1,400.

Ethereum indicator analysis  

Ethereum is still at the 58 level of the Relative Strength Index for the 14 period, suggesting that the value of the altcoin will rise. The price bars for Ether are above the moving average lines, indicating a possible price increase. Ether is below the 20% area of the daily stochastic. This means that the current slump is on the downside.

Technical indicators:  

Major Resistance Levels - $2,000 and $2,500

Major Support Levels - $1,500 and $1,000

What is the next direction for Ethereum? 

Ethereum has retreated below the moving average lines on the 4-hour chart. In any case, it has now reached the oversold area of the market. If buyers exit the oversold area of the market, the price of Ethereum could rise again. Bullish candlesticks show that the price continues to move higher.

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.