Ethereum Drops And Stagnates Above $1,700

May 13, 2023 at 09:31 // Price
Coin Idol
The market for Ether is oversold

The price of Ethereum (ETH) fell sharply as it enters the oversold zone of the market.

Long-term analysis of the Ethereum price: bearish

The largest altcoin fell from a psychological price threshold of $2,000 to a low of $1,741.50. At the time of writing, Ether costs $1,768.60. Previously, the largest altcoin fluctuated in value between $1,800 and $1,960. On May 11, the bears broke through support at $1,800 as Ether fell to the next level at $1,700. Ether is stagnating above the $1,700 support and the market has reached the oversold level.

Ethereum indicator analysis

The largest altcoin is at level 40 on the Relative Strength Index for period 14. The altcoin is in a downtrend and could fall further. The price bars are currently below the moving average lines, which indicates that the price of the cryptocurrency will continue to fall. The market for Ether is oversold at the moment. The daily stochastic is currently below the level of 20. 

ETHUSD_(Daily Chart) – May 12.23.jpg

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

On the 4-hour chart, the largest altcoin has fallen into the oversold area of the market. In other words, selling pressure has led to bearish exhaustion. On May 6, when a candlestick tested the 61.8% Fibonacci retracement line, Ether started to trend up again. The adjustment says that Ether will fall to the Fibonacci level 1.618 or $1,770.70.

ETHUSD(4 –Hour Chart) - May 12.23.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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