Ethereum Holds Above $2,300, But Is Vulnerable To A Fall

Ethereum (ETH) has held above the $2,300 support level and is now trading below the moving average lines. Ether is facing another rejection at the moving average lines.

Long-term analysis of the Ethereum price: bearish

The largest altcoin is vulnerable to a further decline, as the price indicator shows. During the price decline on August 5, a candlestick body tested the 78.6% Fibonacci retracement level, as reported by Coinidol.com previously. The largest altcoin will retest the Fibonacci extension if it breaks the current support at $2,099. ETH will fall but reverse at the 1,272 Fibonacci extension level or $1,638.41. 

However, if the $2,000 support holds, Ether will continue its trading range above the $2,000 support but below the moving average lines. Currently, Ether is worth $2,371.50.

Ethereum indicator analysis

On the 4-hour chart, the price bars are above the moving averages. The uptrend has stalled near the high of $2,400. The appearance of doji candlesticks casts doubt on the uptrend. The moving average lines have maintained their bearish crossover while Ether continues to fall.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

After the price drop on September 6, Ethereum hit a low of $2,156 before recovering. The largest altcoin is trading above the support level of $2,200 but below the moving averages. The price movement has been stable due to the presence of indecisive candles with small bodies known as dojis.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.