Price of Ethereum (ETH) Falls Below $1,850, Ending Upward Momentum
The price of Ethereum (ETH) has dropped below the $1,850 level, indicating the end of its recent upward trend. The altcoin reached a high of $1,900 but was rejected after testing the resistance zone between $1,855.60 and $1,866.10. Bulls were unable to sustain their momentum as the market became overbought.
Long-term Analysis: Bullish Outlook for Ethereum
Currently trading at $1,794.20, Ether has been trading within a narrow range between $1,760 and $1,850 since October 24. If Ether finds support above the breakout level of $1,746, the price will resume its rise. However, if it falls below this level, selling pressure will continue and the cryptocurrency could drop to a low above $1,600.
Ethereum Indicator Analysis
Ethereum is currently above the moving average lines but shows signs of reversal. The price bars in the lower time frame are close to and above the 21-day SMA, indicating support at this level. If the price falls below the moving average lines, it may continue to decline.
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.
Next Direction for Ethereum
The extended wicks on October 24 and 26 candles indicate bearish selling pressure at higher price levels. The altcoin’s decline halted when it stayed within its trading range and crossed the support level of $1,760.
Hot Take: Ethereum Faces Resistance at $1,750
According to cryptocurrency analytics specialists, the $1,750 level is likely to reject any further rise in Ethereum’s price. The altcoin is currently testing this barrier zone for the third time.
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