Cryptocurrency price analysis: Ethereum holds at $1,765 as bears signal short selling
The Ethereum (ETH) price is currently holding at its high of $1,765 as bears indicate short selling. The altcoin was rejected for the second time at its recent high, which could have pushed Ether to $1,800 or $1,900. However, it fell to a low of $1,532 on the first rejection, but the bulls bought the dips.
At present, Ether is trading at $1,721. If it falls back above the moving average lines or the $1,600 support, the upside will resume. The price is expected to fluctuate between $1,600 and $1,765. If it drops below the moving average lines, the decline will continue. Currently, Ether is bouncing below the $1,732 support.
Analysis of Ethereum indicators
The Relative Strength Index (RSI) for period 14 indicates that Ether has moved upwards and reached a level of 68. It is approaching the overbought area of the market. The altcoin’s price bars are above the moving average lines, indicating a rise. However, bearish momentum can be seen below the 80 level of the daily stochastic. Further gains are unlikely as the market approaches overbought conditions.
Technical indicators
Key resistance levels for Ethereum are at $1,800 and $2,000, while key support levels are at $1,600 and $1,400.
What’s next for Ethereum?
Ethereum has retreated above the $1,700 support after a recent rejection and is currently fluctuating below the recent high. It is moving towards the support zone above the moving average lines. The bullish move will continue if Ether falls back above the moving average lines and finds support.
According to cryptocurrency analytics specialists, the bulls struggled to break the 50-day line SMA during the initial rally but have since managed to do so. However, as Ether approaches overbought conditions, it is currently on the retreat.
Hot Take: Ethereum’s price holds at $1,765 as bears signal short selling
The Ethereum (ETH) price is currently maintaining its high of $1,765 despite bearish signals indicating short selling. Although Ether was rejected twice at its recent high, it could have reached $1,800 or $1,900. However, it experienced a dip to $1,532 after the first rejection, which was bought by the bulls.
Currently trading at $1,721, Ether needs to rise above the moving average lines or the $1,600 support for the upside to resume. The price is expected to fluctuate between $1,600 and $1,765. If it drops below the moving average lines, a decline will likely occur. As of now, Ether is bouncing below the $1,732 support.
The RSI for period 14 indicates an upward movement for Ether as it reaches 68. However, bearish momentum can be seen below the 80 level of the daily stochastic. Technical indicators show that key resistance levels are at $1,800 and $2,000, while key support levels are at $1,600 and $1,400.
Ethereum has retreated above the $1,700 support after facing rejection and is currently fluctuating below the recent high. The bullish move will continue if it falls back above the moving average lines and finds support. Despite initially struggling to break the 50-day line SMA during the rally, Ether has managed to do so. However, as it approaches overbought conditions, it is currently on the retreat.
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