Ethereum Struggles Below $1,200 High But Risks Further Decline
The price of Ethereum (ETH) is in an uptrend as the bulls try to break the 21-day line SMA. In other words, Ether will rise if the bulls overcome the resistance at $1,194.
Long-term analysis of Ethereum price: bearish
On June 24, 2022, Ether is trading between its current low at $881 and resistance at $1,191. If the bulls overcome the resistance at $1,191, the Ether price could rise to $1,300. On the other hand, if the bears fail to break the recent high or break away from the 21-day line SMA, Ether will fall back to the previous low of $881. That is, after Ether loses the psychological price level of $1,000. . In the meantime, Ether is rising, reaching a high of $1,151 at the time of writing.
Analysis of Ethereum Indicators
Ether is at level 33 of the Relative Strength Index for period 14. The altcoin is in a downtrend as buyers are emerging in the oversold region of the market. The cryptocurrency’s price bars are far below the moving averages, indicating a further decline. The cryptocurrency is below the 20% area of the daily stochastic. The altcoin is in the oversold region of the market.
Key resistance levels – $2,500 and $3,000
Key support levels – $1,500 and $1,000
What is the next direction for Ethereum?
Ethereum is in a downward correction as buyers push the altcoin to its previous highs. The downtrend will continue if Ether fails to hold the psychological price level of $1,000. On the weekly chart, a candlestick has tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to the 1.618 Fibonacci Extension level or $864.69. The price action shows that the coin has retested the Fibonacci extension and is trending upwards again.
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 funds.
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