Since the rejection on July 8, the price of Ethereum (ETH) has been on a downward trend. The largest altcoin has fallen above the low of $1.137 and the 21-day line SMA.
Buyers will try to push the cryptocurrency to the 50-day line SMA if the current support holds. Ether will rise to the previous highs of $1,800 or $2,013. However, if the bears break below the 21-day line SMA, the cryptocurrency will fall to the previous low of $881 or $997. Currently, the movement of the Ether price is slow due to the presence of a small indecisive candle called Doji.
Ethereum indicator analysis
Ether is at level 42 of the Relative Strength Index for the period 14, indicating that ETH is in the downward zone and could continue to fall. The price bar of the cryptocurrency is still above the 21-day line SMA, but below the 50-day line SMA, indicating a possible movement within a trading range. The daily stochastic is below the 80% area. The cryptocurrency is in a bearish momentum.
Technical indicators:
Major Resistance Levels – $2,000 and $2,500
Major Support Levels – $1,000 and $500
What is the next direction for Ethereum?
Ether is in a downward correction as the price declines above the 21-day line SMA. Bears are trying to break the current support as Ether is rejected from the high at $1,280. The uptrend will resume if Ether breaks the resistance at $1,280. In previous price action, Ether was rejected twice at the recent 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. Readers should do their research before investing funds.
Source: https://coinidol.com/ethereum-1148-decline/