The price of Ethereum (ETH) remains in an uptrend, hovering above the $1,846 breakout level. Cryptocurrency price analysis brought by Coinidol.com.
Furthermore, the largest altcoin is oscillating below the resistance level of $1,893. Since October 24, the upswing has ended and the altcoin has returned to a horizontal pattern. Ether is now trading in a limited range. On a positive note, Ether is showing extended candlestick wicks, indicating that it is under strong selling pressure at higher price levels. It is unlikely that the cryptocurrency will continue to rise.
A break above the resistance at $1,897 would mean the continuation of an uptrend. On the downside, Ether remains in a bullish trend zone as long as buyers defend the $1,836 breakout level. Should the bears break below the $1,836 support, the current bullish gains will fade and selling pressure will return.
The rally has stopped and the Ether price is moving horizontally as a result. On a shorter time frame, the moving average lines are horizontal and are above and below the price bars. Ether will fall if the bears continue their negative momentum and break below the moving average lines. When the price bars are above the moving average lines, Ether will always rise.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
Ethereum is trading above the moving average line or in the uptrend zone. As long as it is in the uptrend zone, the largest altcoin has the advantage of rising rather than falling. ETH/USD is currently trading in a price range of $1,760 to $1,893. Once these levels are breached, the crypto asset will start trending.
As we reported on October 28, the major altcoin traded and rose to the $1,900 mark. The altcoin was rejected after retesting the resistance zone between $1,855.60 and $1,866.10.
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.com. Readers should do their research before investing in funds.