Cryptocurrency analysts report Ethereum (ETH) price holding above $1,600 support level
The Ethereum price has managed to stay above the support level of $1,600 after bouncing back from a low of $1,517. Despite the bears’ attempt to push the price down, there is a significant amount of buying activity at the current support level, suggesting a potential uptrend.
- Ethereum is currently fluctuating around the $1,600 support, indicating bearish exhaustion.
- If the current support holds, Ether is expected to resume its uptrend.
- Ethereum is oversold, with a Relative Strength Index of 19, and the price bars are below the moving average lines, indicating a downtrend.
- The daily stochastic value is at 40, showing bullish momentum.
- Key resistance levels for Ethereum are $1,800 and $2,000, while key support levels are $1,600 and $1,400.
What’s next for Ethereum?
Ethereum is currently in a downtrend but has found support above $1,517. Buyers are attempting to push the price back above $1,600 and resume the uptrend. However, if the bears manage to break the current support, Ether could fall to $1,517.
As of August 16, Ethereum was trading between $1,800 and $1,900, below the moving average lines but above the support level of $1,800.
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