Cryptocurrency analysts of Coinidol.com report, Ethereum price (ETH) is falling, but it has reached bearish exhaustion.
Ethereum price long-term analysis: bullish
The cryptocurrency price is falling and finding support between the moving average lines. When the moving average lines are broken, the largest altcoin will trend. At the time of writing, Ether is worth $1,863.50. The price movement was limited by the moving average lines. If the price falls below the 50-day line SMA or the support at $1,800, the selling pressure will intensify. The bearish momentum will decline to the low of $1,725. Similarly, the uptrend will start when the price breaks above the 21-day simple moving average (SMA) or the $1,900 resistance. In the meantime, Ether is trapped between the moving average lines.
Ethereum indicator analysis
The largest altcoin is trading with a Relative Strength Index of 49 for the period 14. This indicates that Ether has reached its price equilibrium. That is, supply and demand are balanced. As it is caught between the moving average lines, the cryptocurrency fluctuates. This movement will lead to a breakout or breakdown in the price of the cryptocurrency. Ether gains momentum above the daily stochastic threshold of 40. The 21-day simple moving average has stopped the bullish momentum.
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What is the next direction for Ethereum?
The largest altcoin is trending sideways between the moving average lines. The current slide has slowed down as the altcoin remains above the $1,800 support level. Once the Ether price breaks through the moving average lines, it will enter a new trend. The moving average lines are now limiting the price movement.
On Jul 08, 2023, Coinidol.com reported that: At the time of writing, the largest altcoin is trading at $1,860.80. It is trading above the 21-day simple moving average, but below the 50-day simple moving average.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.