The price of Ethereum (ETH) continues to trade below its moving averages. If it breaks below the moving averages, it means more downside is likely.
Today, the price of Ether is falling as the upward correction has reached a resistance level. The upward correction occurred after the cryptocurrency fell to a low of $2,656.90. Buyers were able to push the cryptocurrency to a high of $3,175 but were unable to continue the uptrend.
Today, the downtrend is likely to continue as the altcoin faces rejection at $3,160. Initially, Ether will fall back to the previous low at $2,656. However, if the bears break the previous low, the market will continue to decline to $2,085. However, if buyers defend the previous low, Ether will be forced to move between $2,600 and $3,200.
Ether's price bars are below the 21-day line SMA and the 50-day line SMA, which indicates that the cryptocurrency asset is in the downward movement. The altcoin is at level 44 of the Relative Strength Index of period 14, indicating that the market is still in the downtrend and can fall downwards. ETH /USD is below the 40% area of the daily stochastic. This suggests that the market has resumed its bearish momentum.
Major Resistance Levels - $4,500 and $5,000
Major Support Levels - $3,500 and $3,000
Ethereum has resumed its downtrend. The cryptocurrency is facing a rejection of the high at $3,160. Meanwhile, on September 7, the downtrend showed a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that ETH will fall to the 2.0 Fibonacci extension level or the $2,085.59 level.
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.