Cryptocurrency price analysis brought by Coinidol.com. The Ethereum (ETH) price is rising as it tries to break out above the moving average lines.
Long-term analysis of the Ethereum price: bearish
The resistance of $1,870 has stopped the advance. The bulls were just building upward momentum before the denial. The largest altcoin would have reached a high of $1,950 had the resistance lines been broken. Nonetheless, Ethereum has fallen below the 21-day simple moving average.
However, the presence of doji candlesticks has limited the price movement. Sellers will try to push prices down. If the current support is broken, the market will fall to $1,700. At the time of writing, the altcoin is trading at $1,850.
Ethereum indicator analysis
The largest altcoin has been trading at level 46 in the Relative Strength Index throughout the downtrend zone of period 14. As long as it is in the downtrend zone, the altcoin is vulnerable to a decline. Moreover, the price bars are below the moving average lines, which indicates a decline. Ether is rising above the 25th level of the daily stochastic. The bullish momentum has stalled as a result of the rejection.
Technical Indicators:
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What is the next direction for Ethereum?
Ethereum has retreated between the moving average lines on the 4-hour chart. The altcoin has confined itself to a small range. The presence of doji candlesticks also influences the price movement. Once the price of the altcoin breaks through the moving average lines, it will enter a trend.
On August 08, 2023 cryptocurrency analytics specialists of Coinidol.com stated that buyers have held the price above $1,800 support since Aug. 1. However, the altcoin’s subsequent upward movement was halted around the $1,850 high.
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.
Source: https://coinidol.com/ethereum-rejection-1870/