Ethereum Pushes on the Upsides but Struggles below $1,600 High
The price of Ethereum (ETH) is in an upward correction after rising to a high of $1,610. The largest altcoin is likely to see another rejection in the overbought region. In other words, the altcoin will be rejected at the moving average lines.
On the upside, if the price breaks above the moving average lines, Ether will resume its uptrend. The altcoin will rally and regain the overriding resistance of $2,030. Conversely, if Ether turns down from the moving average lines, selling pressure will resume. ETH/USD will fall to the current support at $1,424. ETH/USD risks further decline if the bears fall below the current support. The cryptocurrency will fall to a low of $1,238.
Ethereum indicator analysis
Ether is at level 47 of the Relative Strength Index for the period 14. Ether is approaching the bullish trend zone as it rises to the previous highs. The altcoin is above the 40% area of the daily stochastic. The altcoin is in a bullish momentum. Ether’s price bars are below the moving average lines, indicating a possible decline in Ether.
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?
Ethereum is in an upward correction as it approaches the moving average lines. The altcoin could be rejected at the recent high. Meanwhile, the downtrend from August 20 has shown a candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall to the level of the 1.272 Fibonacci extension, or $1,399.44. The price action shows that Ether has reversed its trend but is likely to experience another rejection.
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: Read Full Article