Cryptocurrency analysts of Coinidol.com report, the price of Ethereum (ETH) has dropped significantly and has reached the bottom of the chart.
Ethereum price long-term analysis: bearish
According to the price indicator, Ether will fall to $2,152.60, which corresponds to the 2.0 level of the Fibonacci extension. The largest altcoin fell to a low of $2,100 before rising again, as the price trend shows. Ether has fallen into oversold territory in the market.
As the market continued its upward movement, selling pressure eased above the $2,400 support level. Earlier, Ether had fallen to the bottom of the chart but recovered above the $2,300 support level. The altcoin resumed its positive trend and eventually peaked at $4,087.
Today, Ether is trading above the $2,400 support but below the moving average lines. The current value of Ether is $2,744.
Ethereum indicator analysis
The moving average lines are trending south, signaling the decline after the recent breakdown. Both charts show that the 21-day SMA is below the 50-day SMA, signaling a bearish bias. Support at $2,100 is where the extended candle tails are pointing. This suggests that there is significant buying pressure above the $2,100 support level.
Technical indicators
Key resistance levels – $4,000 and $4,500
Key support levels – $3.500 and $3,000
What is the next direction for Ethereum?
On the chart, Ethereum has fallen to the lows. The altcoin is now in the oversold area of the market. If the altcoin reaches its previous lows, buyers are likely to be attracted.
In anticipation of an uptrend, the largest altcoin is bouncing between the $2,400 mark and the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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-price-falls/