Ethereum (ETH) is falling as it corrects upward. The price of the largest altcoin is hovering between $1,071 and $1,350. The upward correction reached a high of $1,216 yesterday, but it was discarded again.
The price of the altcoin is currently approaching the psychological threshold of $1,000, and if the current support is breached, the indicator suggests a possible decline. For this reason, sellers have tried twice to break the current support. They have tried to retest the current support three times, but were unsuccessful. If it is breached, Ether will fall to a low of $915 or $715. On the other hand, if the existing support remains, the movement will stay within the defined range.
Ethereum indicator analysis
Ethereum is at level 41 in the Relative Strength Index for period 14. It is in a downtrend area and could move further down. Since the price bars are still below the moving average lines, this indicates a further decline. SMA Lines for the 21- and 50-day periods are sloping downward, indicating a decline.
Major Resistance Levels – $2,000 and $2,500
Major Support Levels – $1,500 and $1,000
What is the next direction for Ethereum?
Ethereum is currently moving only slightly within a narrow range. After the price collapse on November 9, the altcoin has been moving sideways for the past two weeks. If the price breaks the existing support, the selling pressure will increase again. The altcoin will resume its uptrend when the price crosses either the moving average lines or the resistance at $1,350.
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.