The price of Ethereum (ETH) is in a downtrend after falling to a low of $1,073 on November 9. The largest altcoin is likely to fall further while it is corrected upward.
The high of $1,350 has prevented an upward correction. The Ether price has been moving between $1,070 and $1,350 for the past three days. If buyers manage to overcome the resistances at $1,350 and $1,400, Ether will resume its uptrend. Or in other words, if the 50-day line SMA is crossed. Ether will rise to a high of $1,600. Basically, if buyers fail to surpass the recent high, the decline will resume. On the downside, the market will fall to its low of $833 if the bears break the existing support. At the time of writing, the altcoin is selling at $1,272.
Ethereum indicator analysis
On the Relative Strength Index for the 14 period, Ethereum is at level 41, which means that the value of the altcoin will fall. The moving average lines are below the price bars for Ether, which indicates a possible price decline. The daily stochastic value for Ether is at level 25, and although it is moving up, the uptrend has slowed down.
Technical indicators:
Major Resistance Levels – $2,000 and $2,500
Major Support Levels – $1,500 and $1,000
What is the next direction for Ethereum?
After the recent collapse, the price of Ethereum is moving between the levels of $1,070 and $1,350. The signs have shown that the altcoin will continue to fall. Ether made an upward correction on the fall on August 29, and a candlestick tested the 50% Fibonacci retracement level. After the correction, ETH will fall to the 2.0 Fibonacci extension level or $833.
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-holds-1000/