Ethereum Declines as Bears Break $1,750 Support, Further Downside Likely

Ethereum bulls are fighting back to push Ether on the upside as price reaches the low of $1,602 at the time of writing.

Recently, on March 22, the bears overpowered the bulls as they broke below the moving averages. This singular action was responsible for the recent downward move. In other words, Ethereum is capable of falling as long as price is in the bearish trend zone. In the previous price action, the biggest altcoin was in a range-bound move between $1,750 and $1,850. 

It was indicated that if the bears break the $1,750 support, the market will decline to $1,450 low. Today, ETH has fallen to $1,552.30 low as bulls buy the dips. On the upside, if buyers can push price above the moving averages, the uptrend will resume. Besides, the ETH/USD is likely to retest the $2,000 overhead resistance. However, if a breakout occurs above $1,920 resistance, the $2,000 high will be breached. The bullish momentum will extend above the $2,500 price level. Conversely, if buyers fail to push above the moving averages, the selling pressure will continue.

Ethereum indicator analysis  

ETH/USD is falling because the crypto’s price is below the 21-day and the 50- SMAs. The market has fallen into the bearish trend zone. Ether is now below the 20% Range of the daily stochastic. It indicates that the market is in the oversold region. 

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What is the next direction for Ethereum? 

The price indicator has confirmed a further downward movement of price. On March 23 downtrend; ETH fell to $1,650.60 low. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.272 Fibonacci extension and reverse. That is the low of $1,589.70. The price action has confined this level and price is hovering above this level. 

Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.

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