Traders Unfazed as Ethereum Fluctuates

Traders Unfazed as Ethereum Fluctuates

Learn about the current state of Ethereum as its price falls below moving average lines and hovers around the support level of $1,770, with a long-term analysis indicating a bearish trend and technical indicators pointing towards possible further drops in value.

The Ethereum (ETH) price (ETH) is sliding below the moving average lines, but is over the level of support of $1,770.

Longstanding analysis of the Ethereum (ETH) rate: bearish

Ether is more likely to fall if it is trading below the moving average lines or in the downtrend zone. The largest crypto altcoin is as of now trading betwixt $1,750 and $1,850. At the time of publication, one Ether is worth $1,813.70. The presence of the Doji candles has limited both the upward and downward movement. The price is moving slowly owing to these candles. Candlesticks show that traders are not worried about the direction of the market. As of now, the resistance at $1,900 or the moving average lines prevent an upward movement. Ether will cross the psychological price barrier of $2,000. Regardless of the projected long tails of the candlesticks, buyers have consistently supported the present level of support. Strong buying is taking place at lower price levels as shown by the extended candlesticks.

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Ethereum (ETH) indicator analysis

The Relative Strength Index for the digital currency investment is at level 45. The Ether price is still in the downtrend zone and could fall further. Since the price bars are below the moving average lines, they are in charge of the present decline. Ether is below the daily stochastic level of 50 and is moving in a negative direction.

Technical indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What does the following direction look like for Ethereum?

Ethereum (ETH) is over the present support and the crypto altcoin persists to move in a range bound movement. Doji candlesticks will continue to highlight Ether’s fluctuating volatility. Nonetheless, if the price breaks down or recovers, the crypto altcoin will develop a tendency.

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ETHUSD_(4 –Hour Chart) - May 26.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell digital currency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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