Ethereum Stabilizes Above $1,600 But Fails To Bounce

The latest price analysis by Coinidol.com report, the Ethereum price (ETH) is in a narrow range above the $1,600 support.

Long-term analysis of the Ethereum price: bearish

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. If the bears manage to break the key support at $1,600, the market would fall to its previous low of $1,517.

Moreover, this will allow for future cryptocurrency price declines. The largest altcoin will hit a low of $1,438 if the previous low is broken. Ether costs $1,630.70 at the time of writing. Ether’s uptrend will continue if the price climbs back above the $1,600 support level. The resistance levels of $1,640 and $1,748 will be exceeded by a price reversal. As a result, prices will rise to almost $1,800.

Analysis of Ethereum indicators

Ether is stabilizing above the current support level of the Relative Strength Index of 35 for the period 14. The price bars were averted on August 29, when the altcoin maintained its downtrend. As long as the altcoin is below the moving average lines, the downtrend will continue. The negative momentum has slowed down below the 50-day stochastic barrier of 20.

Technical Indicators:

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

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

What is the next direction for Ethereum?

Ethereum will continue to move in a range as doji candlesticks dominate the market movement. If it loses the $1,600 support, the largest altcoin will fall. As long as it trades in a narrow range, the altcoin has a chance to recover. Bulls failed to sustain their bullish momentum during the previous rally.

As we reported on September 4, the Aug. 29 rally was short-lived as the altcoin reached an overbought market zone. Selling activity at the recent high led to a decline in Ether. 

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-stabilizes-1600/