Ethereum Bounces Above $1,700, Bears Signal Short Selling

Cryptocurrency price analysis brought by Coinidol.com. The Ethereum (ETH) price is currently held at its high of $1,765 as bears signal short selling.

Long-term analysis of the Ethereum price: bullish

The altcoin was rejected for the second time at its recent high. Had the buyers been successful, Ether would have risen to a high of $1,800 or $1,900. Ethereum fell to a low of $1,532 on the first rejection as the bulls bought the dips.

At the time of writing, Ether is now trading for $1,721. On the downside, the upside will resume if Ether falls back above the moving average lines or the $1,600 support. In other words, the Ether price will fluctuate between $1,600 and $1,765. If the price falls below the moving average lines, the decline will resume. Ether is currently bouncing below the $1,732 support.

Analysis of Ethereum indicators

The Relative Strength Index for period 14 shows that Ether has moved upwards as it reached the level of 68. The overbought area of the market is getting closer to the altcoin. Ether is rising as the price bars are above the moving average lines. Below the 80 level of the daily stochastic, bearish momentum can be seen for the altcoin. Further gains are unlikely as the market approaches the overbought zone.

Technical indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What's next for Ethereum?

The largest altcoin has retreated above the $1,700 support after a recent rejection. It is fluctuating below the recent high. It is moving down towards the support zone above the moving average lines. The bullish move will continue if Ether falls back above the moving average lines and finds support.

On September 29, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the bulls struggled to break the 50-day line SMA during the initial rally, but have since managed to do so. As it approaches the overbought area of the market, Ether is currently on the retreat. 

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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• Source: https://coinidol.com/ethereum-bears-signal-short-selling/