Ethereum Loses Its $2,300 Low Due To Renewed Selling Pressure

The price of Ethereum (ETH) has broken through the current support level of $2,300, continuing its range-bound movement.

Ethereum price long-term analysis: bearish

Since August 7, the largest altcoin has been trading above the $2,300 support but below the moving average lines or resistance at $2,800. On September 6, the bears broke through the $2,300 support level and intensified the selling pressure. The price of the cryptocurrency fell to $2,156 before recovering. Ether is currently rising and retesting the $2,300 resistance, which previously served as support. 

On the downside, Ether will continue the selling pressure if it is rejected at the current resistance level. The altcoin will drop to a low of $2,000 and later to the 1.272 Fibonacci extension or $1,638. Ether is currently valued at $2,297.

Ethereum indicator analysis

Ethereum's slide has continued as the price is facing rejection at the 21-day SMA on the 4-hour chart. The price bars have encountered resistance at the 21-day SMA. The moving average lines have slowed the uptrend. In addition, the price action has been characterised by a doji candlestick that has slowed the trend.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

The largest altcoin has started a downtrend after its rejection on September 6. The altcoin is now trading above the $2,000 support and below the 21-day moving average line. The altcoin will drop further if it breaks the $2,000 support. Ether will rise if the current $2,000 support holds.

Coinidol.com reported previously that the price signal for the cryptocurrency indicated a further fall. Ether was predicted to fall further, reaching lows of $1,800 and $1,600. 

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.