The latest price analysis by Coinidol.com report, the Ethereum price (ETH) is rising after breaking above the moving average lines and the resistance level of $1,600.
The current positive momentum will fade as selling pressure increases at the recent high. On October 16, the altcoin experienced a similar rejection, with Ether falling to a low of $1,552. Today's price action suggests that an upside push is unlikely. Long candlestick wicks suggest a lot of buying is taking place at higher price levels. Moving average lines have already slowed the upside. On the downside, Ether could fall to a low of $1,542 if the recent high is rejected.
The price bars are still below the moving average lines despite the price recovery. The price bar is trapped below the moving average lines. This means that Ether is vulnerable to further declines. The moving average lines are sloping downward, indicating a downtrend. The trend is indicated by the moving average lines pointing north in the lower time frame.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
Ether is in an uptrend. On the 4-hour chart, the altcoin rose to a high of $1,631 before being rejected at the resistance zone. This is the third time the altcoin has been rejected at the $1,640 resistance level. If the $1,640 barrier is broken, Ether will resume its uptrend.
On October 16, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the largest altcoin fell to a low of $1,521 before recovering. At the time of writing, the uptrend had reached a high of $1,580.
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.com. Readers should do their research before investing in funds.