Bears are currently retesting the $1,523 support level, which has led to the resumption of selling pressure on the Ethereum price (ETH).
The long-term outlook for the price of Ethereum is negative.
The most popular alternative cryptocurrency reached its all-time low of $1,523 on August 20, as bulls bought the dips in the market. Over the course of the past 48 days, the price of Ether has been moving higher than the existing support. Ether’s price has been fluctuating between the 50-day line simple moving average and the 21-day line simple moving average over the previous 48 days. Selling pressure will go up again if the bears are successful in breaking below the 21-day simple moving average of the line. The price of the most popular alternative cryptocurrency will keep going down until it reaches $1,127. Despite this, the bearish momentum will continue until the price reaches $800. At the same time, the price of Ether was reported to be $1,561.70 at the time this article was written.
Analysis of indicators for Ethereum
On the Relative Strength Index, ether is currently positioned at level 41 for the period 14. After the most recent drop, the altcoin with the greatest market cap is now in a downtrend zone. In the zone where the downtrend is strongest, it is susceptible to more losses. As long as it remains sandwiched between the two moving average lines, the price of ether will be contained inside the trading range. The exchange rate for ETH/USD is currently trading below the 60% level of the daily stochastic. The altcoin is currently trading in the zone for bearish trend.
Indicators of technical difficulty
Key resistance zones: $2,500, $3,300, $4,000.
Important support zones: $2,000, $1,500, $1,000
What should we expect from Ethereum moving forward?
The price of Ether is now trading over $1,500, but there is a possibility that it will continue to fall below the present support level. On March 28, a retraced candlestick on the weekly chart made a successful test of the 61.8% Fibonacci retracement level. The retracement provides evidence that the price of ETH will drop to the 1.618 Fibonacci Extension level, which is equivalent to $655.28.