The price of Ethereum (ETH) is currently undergoing an upward correction, according to cryptocurrency analysts.
Long-term analysis of the Ethereum price: bearish
The largest altcoin experienced a decline to $1,532 before bouncing back. Although it reached a high of $1,654, the upward correction failed to break above the 21-day line SMA. Recently, Ether has been facing rejection and struggling to break above the 21-day line SMA or the barrier at $1,650. The market is overbought near the recent high, and the price of Ether is now trading below the barrier. If selling pressure increases, the cryptocurrency’s decline could approach its previous low of $1,532 or $1,517.
Ethereum indicator analysis
Currently, Ether is in the downtrend zone at an RSI level of 45. The altcoin is encountering resistance at the 21-day line SMA, and it has pulled back from the overbought zone below the daily stochastic level of 40.
Key resistance levels for Ethereum are $1,800 and $2,000, while key support levels are $1,600 and $1,400.
What is the next direction for Ethereum?
Last week, Ether’s upside correction was halted at the 21-day line SMA. After being rejected at the moving average lines, Ether is currently in a bearish trend. It is trading within a limited range of $1,500 to $1,650. If this trading range is broken, it will determine the future trend for the largest altcoin.
In September 2023, cryptocurrency analytics specialists reported that since July, the 21-day line SMA has acted as a resistance line for the price of Ether. The altcoin reached a high of $1,748 on August 29.
Hot Take: Ethereum’s Price Faces Resistance at the 21-day Line SMA
The price of Ethereum is currently undergoing an upward correction, but it has been unable to break above the 21-day line SMA. This resistance has caused Ether to face rejection and struggle to surpass the $1,650 barrier. The market is overbought near the recent high, and Ether is now trading below this barrier. If selling pressure increases, the cryptocurrency’s decline may approach its previous low of $1,532 or $1,517. Additionally, Ether is currently in a bearish trend and trading within a limited range of $1,500 to $1,650. Breaking out of this range will determine the future direction for Ethereum.
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