Long-term Analysis of Ethereum Price: Bearish
Ethereum (ETH) has fallen below the moving average lines after experiencing rejection at $1,765. The price has returned to its previous range of $1,600 to $1,740. If the bears break below the $1,600 support level, the market will fall and retest the previous low at either $1,570 or $1,532. Despite finding support above $1,500, Ether is currently moving in the downtrend zone above the current support at $1,600.
Ethereum Indicator Analysis
The bears have broken below the moving average lines and the price bars are entering the negative trend zone. The descending moving average lines indicate a sideways trend since the price decline on August 17. As the downtrend continues, the oversold area of the market is getting closer and may attract new buyers.
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 is aiming to fall back to its previous lows and is currently showing a sideways pattern in its decline. The overbought condition of the asset has halted its upward movement. As it retraces its steps to the previous low, Ether is likely to continue trading within its current range. Once the range is broken, Ether will develop a new trend.
Hot Take: Ethereum Faces Resistance After Rejection at High
The Ethereum price has fallen below the moving average lines after facing rejection at $1,765. Currently, Ether is in a bearish trend and is likely to retest previous lows if the $1,600 support level is broken. The descending moving average lines indicate a sideways trend, while key resistance levels are at $1,800 and $2,000. Despite the bearish sentiment, Ethereum may continue trading within its current range before developing a new trend. Keep an eye on Ether’s price movements to identify potential buying opportunities.
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