Ethereum Falls As bears Try To Break $1,600 Support Level

The latest price analysis by Coinidol.com report, Ethereum (ETH) price remains in a limited range as the bears try to break the current support.

Long-term analysis of the Ethereum price: bearish

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. At the time of writing, the largest altcoin is trading at $1,615.

If the bears break the current support of $1,600, the market will fall and retest the previous low of $1,517. On the other hand, the price of the cryptocurrency could rise again if the current support level holds. A price rally will break above the 21-day simple moving average, and the positive momentum will extend to the 50-day simple moving average. A break above the moving average lines means that the uptrend has resumed. Meanwhile, the altcoin’s price has declined after retesting the current support level of $1,600.

Ethereum indicator analysis

Ether is lingering above the current Relative Strength Index support level of 34 for the period 14. Ether is falling as the price bars are rejected at the moving average lines. The price bar’s resistance line is the 21-day SMA. Ether is in a downtrend below the Stochastic threshold of 21 on a daily basis. The decline has slowed down as the price has declined.

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

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

What is the next direction for Ethereum?

 The market is in a horizontal trend, although Ethereum has retreated to the current support level of $1,600. The price is being fought over by the bears and the bulls above the existing support. If the bulls outnumber the bears above the current support, Ether will rise. The bears currently have the upper hand.

On September 06, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the altcoin’s price has changed the most between the range of $1,600 and $1,640. The bulls are outnumbering the bears as Ether approaches the oversold region. 

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-try-break-1600/