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Ethereum (ETH) price is currently trading below the $1,600 resistance level after being rejected at a high of $1,679.
Long term analysis of Ethereum price: bullish
Since January 21, the price of Ether has fallen below the $1,600 resistance level, halting the uptrend. The largest altcoins are poised for further growth as they are in the uptrend zone. If buyers overcome the $1,600 and $1,678 resistance levels, Ether will advance to the next level of resistance at $1,800. The value of the cryptocurrency will eventually return to its fluctuating range and rule out a bullish scenario. Since January 14, the price of ETH/USD has been capped in a range of $1,500 to $1,700. However, if the bears break the support at $1,500, the downtrend will continue. Ether will fall to the breakout level of $1,352.
Ethereum indicator analysis
For a period of 14, Ether is at level 62 of the Relative Strength Index. It will rise to the previous high as it is in the upper zone. After a brief retracement, the price bar is above the moving average line. This suggests that the cryptocurrency will continue its upward trend. Below the 50 daily stochastic level, the trend is bearish.
Technical indicators:
Main resistance levels – $2000 and $2500
Main support levels – $1500 and $1000
What’s the next direction for Ethereum?
Ether fell into a volatile range after being rejected at the $1,678 resistance level. The altcoin broke above the $1,500 support on January 23, and the bulls bought the losses. The upside movement was limited below the $1,600 resistance level. If the limits of the trading range are broken, the largest altcoins will develop a trend.
Disclaimer. This analysis and forecast is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrencies and should not be seen as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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