Ethereum Circles Above The $1,500 Mark, But Can Not Hold Above $1,600

Ethereum price (ETH) has started to climb upwards while rallying above the level of recent support.

Long-term analysis of the Ethereum price: bearish

Today’s uptrend peaked at $1,628, but met resistance there. The current price level has broken through resistance at $1,600. Buyers were unable to maintain the uptrend beyond the $1,600 peak. According to reports, the largest altcoin fell because the market is overbought. The rejection of the recent high is causing Ether to fall. Interestingly, the largest altcoin is still trading in the previous range bound zone between $1,500 and $1,700. If the largest altcoin falls back above $1,500, the uptrend will resume. The price of the cryptocurrency will rise and retest or break through the resistance at $1,600. On the other hand, selling pressure will resume if the price falls below the $1,500 support. A market decline to an earlier low of $1,370 is expected.

Analysis of Ethereum indicators

During period 14, Ether is at level 51 of the Relative Strength Index. This indicates that the largest altcoin has reached the equilibrium price level when supply and demand are equal. The moving average lines and the price bars overlap slightly. The market for Ether has entered an overbought zone. It is above the daily stochastic value of 80.

Technical indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What is the next direction for Ethereum?

Ethereum has regained positive momentum as it is trading in the uptrend zone. In anticipation of another price rise, the cryptocurrency price is circling above the $1,500 level. Currently, the altcoin is trading within the same range bound zone. The range bound move will start where the existing support is still in place.

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.

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