Ethereum Rises Above $1,700 But Remains Range Bound

Ethereum Rises Above $1,700 But Remains Range Bound

Source Node: 2100656
May 16, 2023 at 10:37 // Price

Ether is trapped between the moving average lines

The Ethereum price (ETH) has climbed above the $1,700 support level after a price decline on May 11.

Long-term analysis of the Ethereum price: bearish

Since the price decline on May 11, the largest altcoin has fluctuated between $1,700 and $1,880. At the time of writing, the Ether price is hovering around $1,807. The upside momentum will encounter resistance near the $1,880 high or the moving average lines. Ether price will resume its uptrend if it rises above the moving average lines. Buyers have maintained the current downside support. The extended end of the May 12 candle indicates active buying at reduced prices. The trend within the trading range will continue until Ether experiences a price recovery or breakout in the meantime.

Analysis of Ethereum indicators

On the Relative Strength Index for period 14, the largest altcoin is at level 43. The RSI has not moved due to the consolidation above the support at $1,700. The price bars are currently below the moving average lines as Ether fluctuates in a range. Ether is moving up above the daily stochastic level of 80. The altcoin has moved into the overbought zone of the market and could fall.

ETHUSD_(Daily Chart) – May 15.23.jpg

Technical indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What is the next direction for Ethereum?

Ether has resumed its rise above the current support after its recovery above the $1,700 level. The cryptocurrency is trapped between the moving average lines on the 4-hour chart. This suggests that the market will be forced to move in a range between the moving average lines for a few days.

ETHUSD_(4 –Hour Chart) - May 15.23.jpg

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 in funds.

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