Ethereum Struggles Below $2,700 High, Ready For Upward Momentum
Ethereum price (ETH) is in the lower area of the chart after the price fell to the low of $2,306. The Ether price corrected upwards, but the uptrend got stuck at the high of $2,740.
Ethereum price long-term analysis: bearish
Today, the Ether price is consolidating above the $2,500 support, showing indecisive candlesticks with small bodies. The candlesticks always indicate that buyers and sellers have reached a phase of indecision. At this point, the cryptocurrency will be forced to move sideways.
ETH/USD is trading at $2,613.80 at the time of writing. On the upside, if the buyers break the resistance at $2,700, they will try to push the price above the moving averages. If the bulls are successful, ETH /USD will come out of the downward correction. The largest altcoin will rise and reach the previous highs of $3,200 and $3,400. On the other hand, if the bullish scenario is invalidated, the bears may break below the $2,300 support. Ether will continue to fall to a low of $2,160.
Analysis of Ethereum indicators
Ether has fallen to the 40 level of the Relative Strength Index for the 14 period. The cryptocurrency is in a downtrend and below the midline 50. Ether is above the 68% range of the daily stochastic. This indicates that it is in a bullish momentum and approaching the overbought zone. Ether could decline if the price reaches the overbought region.
Key resistance levels – $4,500 and $5,000
Key support levels – $3,500 and $3,000
What is the next direction for Ethereum?
Ether has recovered from the recent downtrend. The largest altcoin has resumed its upward movement after falling to the low of $2,306. The upward correction broke out above the 21-day line SMA, but was rejected at the 50-line SMA. Meanwhile, on February 22, the downtrend; a retreating candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall but reverse at the 1,272 Fibonacci extension level or $2,296.81.
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.