Ethereum (ETH) price, fluctuating within a small range, is in a downtrend.
Long-term analysis of the Ethereum price: bearish
In the past week. Ether fluctuated between $1,070 and $1,350. On November 10, the upward correction stalled at $1,350. The altcoin immediately reversed and reached the middle of the trading range. To the upside, Ether will resume its positive momentum if buyers keep the price above the 50-day line SMA. The uptrend will continue to the highs of $1,400 and $1,500. Buyers will try to protect the $1,000 support on the downside, while sellers will want to retest the current level. It is unlikely that the bears will drop below the lower price level of $1,100. At the time of writing, Ether is trading at $1,256.20.
Ethereum indicator analysis
Ethereum is at level 40 in the Relative Strength Index for the 14 period, indicating that the altcoin’s value is in a downtrend and could fall further. The moving average lines are below Ether’s price bars, indicating that the cryptocurrency could be on the verge of collapse. The daily stochastic value for Ethereum is above the 25 level.
Technical indicators
Key resistance levels – $2,000 and $2,500
Key support levels – $1,500 and $1,000
What is the next direction for Ethereum?
The largest altcoin is easily trading within a known range. Ether had an upward correction during the November 9 decline and a candlestick tested the 78.6% Fibonacci retracement level. The correction predicts that ETH will fall to the 1.272 Fibonacci extension level or $922.32.
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.
Source: https://coinidol.com/ethereum-corrects-upwards/