The price of Ethereum (ETH) is trading in the downtrend zone and below the 21-day line SMA. The largest altcoin is trading above the $1,300 support, which allows for a possible upward movement.
The upward movement was slowed down by the 21-day line SMA. Moreover, the price movement is stagnant due to the presence of indecisive small-body doji candles. Today, buyers are trying to push the altcoin above the 21-day line SMA. The altcoin will rise to the 50-day line SMA if it crosses the 21-day line SMA. The movement within the trading range will continue if the altcoin is rejected at the recent high. In other words, Ether will trade between $1,220 and $1,350.
Ethereum indicator analysis
The Relative Strength Index (RSI) for Ether has increased to the value of 46 for the period 14. The RSI has remained stable in the downtrend zone due to the sideways trend. Ether can go down as the price bars are below the moving average lines. Currently, Ether has risen above the 80% area of the daily stochastic. This will cause the altcoin to fall back to the previous lows.
Technical indicators
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
On the 4-hour chart, Ethereum has broken above the moving average lines. The altcoin is approaching the oversold area at $1,341. Ether will decline after testing the recent high. On October 11, Ether completed a downward correction to the upside and a candlestick tested the 61.8% Fibonacci retracement level. The correction suggests that ETH will fall to the 1.618 Fibonacci extension level or $1,225.60.
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-1300-price/