Ethereum Has Stalled After Failing At $1,800 Hurdle

Mar 20, 2023 at 11:43 // Price
Coin Idol
The price indicator suggests that the price of Ether will continue to rise

The Ethereum price (ETH) is recording higher highs and higher lows, but is unable to overcome the high resistance level of $1,800.

Long-term analysis of the Ethereum price: bearish

The price of Ether remains volatile, hovering between $1,700 and $1,800, well below its recent high. This morning, Ether reached resistance at $1,800 and has since fallen to a low of $1,757. The price indicator suggests that the price of the cryptocurrency will continue to rise. On the uptrend on March 14, a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement predicts that ETH will rise to the Fibonacci extension level 1.618 or $2,023.89. According to the price action, Ether will resume its uptrend if the current resistance is broken. A rise above $1,900 is likely if the current resistance is broken.

Analysis of Ethereum indicators 

Ether's Relative Strength Index is 63 for the 14 period, and the largest altcoin still has room for appreciation. Ether will rise as long as the price bars are higher than the moving average lines. The bearish momentum is still below the daily stochastic value of 40 despite the slowdown.

ETHUSD(Daily Chart) - March 20.23.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?

The largest altcoin is lagging its last high since March 14 and is currently trending sideways. Ether has made four more attempts to break into the resistance zone, but has failed each time. The altcoin will most likely rise to its previous high if the current resistance is broken. Ether will fall if the bears break the current support level of $1,700.

ETHUSD(4 hour Chart) - March 20.23.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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