Ethereum Holds above $1,200 as It Trades in a Narrow Range
Ethereum (ETH) is barely moving as it sinks near current support. Ether has been stuck between levels of $1,070 and $1,350 since November 9. Sellers have failed to exert more selling pressure below current support after the initial breakdown on November 9.
A similar setback occurred in buyers’ attempts to restore positive momentum as the largest altcoin fell from its recent high. If the bears break the current level, the cryptocurrency will fall even further. The low above $900 will be reached by the bearish momentum. In contrast, Ethereum will continue to move within its limited range where the existing support holds.
Ethereum indicator analysis
On the Relative Strength Index for period 14, Ethereum is at level 39. As it approaches the oversold area, Ether is in a downtrend. The price bars are below Ether’s moving average lines, indicating a possible further decline. Ethereum is above the daily stochastic value of 25. The altcoin is trying to climb upwards.
Major Resistance Levels – $2,000 and $2,500
Major Support Levels – $1,500 and $1,000
What is the next direction for Ethereum?
Although buyers are preventing the largest altcoin from crossing the $1,200 support level, selling pressure will soon pick up. In other words, Ethereum is settling above the $1,200 support. If Ethereum rises back above the $1,200 support, the uptrend will resume. The market is expected to rise to its previous highs of $1,400 and $1,600.
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