Ethereum Makes An Upward Correction And Recovers Above $1,673

Jun 16, 2023 at 10:15 // Price
Coin Idol
Ethereum has fallen into oversold territory in the market

Ethereum (ETH) has come under renewed selling pressure as sellers have broken the current support at $1,700.

Long-term analysis of the Ethereum price: bearish

The price decline on May 11 broke the range-bound move. At the time of writing, Ether costs $1,673.30. To regain the previous high of $1,700, the largest altcoin is correcting upwards. On the plus side, the altcoin will resume its uptrend when the bullish momentum exceeds the high at $1,700. The largest altcoin will rise even though resistance will be at $1,800. On the other hand, if Ether is rejected at the $1,700 high, selling pressure will increase. The cryptocurrency will fall to its previous low of $1,410 before falling even further. 

Ethereum indicator analysis

Due to the recent decline, Ether is now at level 30 on the Relative Strength Index for period 14, indicating that selling pressure will ease as the market approaches oversold territory. A downtrend is present as the price bars are much lower than the moving average lines. If the daily Stochastic exceeds 25, the bullish momentum has slowed down. At its recent high, Ether could face further rejection. 

ETHUSD_(Daily Chart) – June 16.23.jpg

Technical Indicators:

Key resistance levels - $1,800 and $2,000

Key support levels - $1,600 and $1,400

What is the next direction for Ethereum?

Ethereum has fallen into oversold territory in the market. The $1,700 resistance level needs to be broken for prices to continue to rise. Right now, Ether is climbing to reclaim its previous record high of $1,700. On the upside, Ether will face resistance at the $1,700 and $1,750 highs. The altcoin will have to falter and run the risk of being rejected at the recent high.

ETHUSD_(4 –Hour Chart) – June 16.23.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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