The price of Ethereum (ETH) has fallen further below the support level of $1,600. Cryptocurrency price analysis from Coinidol.com.
Ethereum price long-term analysis: bearish
The price of the largest altcoin has fallen below the September 11 price level. In short, Ether fell to a low of $1,521 before rebounding. At this point, the altcoin is worth $1,548.
Ethereum’s price has risen above its September 11 price level. In other words, Ether will continue its upward correction if the support at $1,532 holds. In contrast, ETH /USD will continue to fall to the previous low of $1,414 or $1,370 if the bears break the support of $1,532 and the negative trend continues. Ether is currently trading above its September 11 price level.
Analysis of Ethereum indicators
The price bars broke through the moving average lines and accelerated the downtrend. The acceleration of the altcoin became necessary as it is trading in the bearish trend zone. ETH is currently approaching the oversold zone of the market. The downtrend is indicated by the moving average lines.
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 has reached bearish exhaustion as it enters the oversold zone of the market. It will be determined if there will be a further decline from the support at $1,532. The largest altcoin is currently trading above the support level. Nevertheless, there are signs that the market could fall even further, perhaps to the level of $1,495.
On October 9, Ether returned to its previous price range of $1,600 to $1,740, Coinidol.com reported.
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-reaches-oversold-above/
