Ethereum Rallies to $2,019 High as Bears Hold the Recent High
Aug 15, 2022 at 11:40 //
PriceEthereum (ETH) price is falling back to the downside as bulls fail to maintain bullish momentum above the $2,000 psychological price level.
During the uptrend on August 13, Ether rose to the high of $2,019 but was held by the bears. Buyers failed to sustain bullish momentum above the $2,000 high as the market reached an overbought region. Sellers have emerged and are pushing prices lower.
The largest altcoin is likely to fall to the low of $1,804. The downtrend will continue if the bears fall below the $1,804 support. However, the market will resume its upward trend if Ether falls back above $1,804 or the 21-day line SMA and holds there. Meanwhile, ETH/USD is trading at $1,899 at the time of writing.
Ethereum indicator analysis
Ether is at level 64 of the Relative Strength Index for period 14. The largest altcoin is in the uptrend zone despite the retracement. The price bars of Ether are above the moving average lines. The downtrend will continue if the price declines and falls below the moving average lines. ETH/USD is below the 20% range of the daily stochastic. The altcoin has fallen into the oversold zone of the market. Selling pressure may be easing. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.
Technical Indicators
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
Ether price is in a downward movement after rejecting the high at $2,019.10. Meanwhile, on August 14 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will fall to the level 2.0 of the Fibonacci extension or $1,797.73. Price action shows that at the time of writing, the market has fallen to a low of $1,904.60.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow