Since March 1, Ethereum has been trading below the $1,600 resistance. Buyers are attempting to break the recent high but to no avail. Each attempt at the resistance will result in the price falling to the previous lows.
Yesterday, Ether price retested the resistance and it was repelled. The bears appear to have the upper hand above the bulls after the February 23 breakdown. For instance, the bears will sell each rally made by the bulls.
At other times, the bulls will buy the dips after a deeper correction. On February 23, buyers made a rally to $1,700, but the bears sank Ether to the low of $1,300. The price tussles continued as buyers pushed the price to $1,600. In March, the ETH price has been fluctuating between $1,300 and $1, 600. Incidentally, if the bulls break the $1,600 resistance, the market will resume upward movement. However, if the bears break the $1,300 support, the ETH/USD will further decline to a $1,000 low.
Ether's price has been rejected at the $1,600 high. If the price breaks below the 21-day and 50-day SMAs, the price is likely to further decline. Meanwhile, the market is at level 47 of the Relative Strength Index period 14. It indicates that the price is in the downtrend zone and capable of falling.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
Ethereum is in a downward correction. The Fibonacci tool has indicated a further downward move if the $1,300 support is breached. On February 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will fall and reach level 1.618 Fibonacci extension or the low of $942.12.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.