Ethereum Threatens To Fall Below $1,600 As It Fails To Hold Its Recent High

Feb 20, 2023 at 13:32 // Price
Coin Idol
Ethereum has been in a sideways movement

Ethereum price (ETH) has been moving sideways and has now crossed the $1,700 resistance level.

Long-term analysis of the Ethereum price: bullish

Bullish momentum has reached a high of $1,715 at the time of writing. Buyers have not been able to keep the price above the recent high. The last time ETH was rejected was at its high of $1,734. The price of the cryptocurrency rose above the 21-day line SMA and continues to move sideways. On the plus side, if Ether recovers and the bullish momentum stays above the $1,700 support, a recovery to $1,800 and $2,000 is expected. However, the current bullish momentum has slowed down in the decline. The current fluctuation above the current support could continue as long as the Ether price remains above the moving average lines. The largest altcoin could fall below the 21-day line SMA.

Analysis of Ethereum indicators

Ether is moving up at the 61 level of the Relative Strength Index for the 14 period. The price of the cryptocurrency is rising as the price bars cross the moving average lines. The altcoin is above the level 80 of the daily stochastic. At the moment, it is moving against us. A trend can be seen in the moving average lines with a sideways slope.

ETHUSD(Daily Chart) - February 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?

Ethereum has been in a sideways movement since January 21. Buyers have failed to keep the price above the $1,700 resistance level. As the market retreated today, buyers once again failed to maintain upward momentum. Ethereum is currently trading with losses due to the presence of doji candlesticks.

ETHUSD(4 Hour Chart) - February 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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