Ethereum Recovers, But Fails To Recapture $1,600 High
The latest price analysis by Coinidol.com report, the Ethereum (ETH) price has rallied twice, but has not yet been able to rise above the 21-day simple moving average (SMA).
Long-term analysis of the Ethereum price: bearish
Since July, the 21-day line SMA has been the resistance line of the price. Ether recovered and reached a high of $1,748 on August 29. The 21-day line SMA resisted the altcoin. As a result of the rejection, the altcoin fell to a low of $1,532. Ether recovered today and reached a high of $1,645. The upward movement is again slowed down by the 21-day line SMA. On the positive side, the future rise of the altcoin remains uncertain. The largest altcoin will fall as it approaches the overbought zone. On the downside, the altcoin will fall and revisit its previous lows of $1,514 and $1,494.
Ethereum indicator analysis
The largest altcoin recorded an upward correction and reached the Relative Strength Index of 46 for the period of 14. The altcoin is still in a downward trend and could fall further. The price bars are currently below the moving average lines and are rejected at the recent high. It is below the stochastic level of 80 on the daily basis. Sellers have appeared in the overbought region.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What is the next direction for Ethereum?
The largest altcoin is struggling to regain the key support level of $1,600, which has now become a resistance level. Resistance at $1,645 and the 21-day line SMA have slowed down the upward movement. If the altcoin fails to overcome the recent high, it will fall back to the previous low. The altcoin is currently stopped at the 21-day moving average line.
As we reported on September 11, the 21-day line SMA or resistance at $1,650 has continued to limit the upside. On the plus side, additional gains in the altcoin are unlikely as the bears have the upper hand.
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.com. Readers should do their research before investing in funds.
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