Cryptocurrency analysts of Coinidol.com report, the Ethereum price (ETH) is consolidating above the $1,600 support level as doji candlesticks form.
Long-term analysis of the Ethereum price: bearish
The price is little changed since the price decline on August 17. Resistance at $1,700 limits the upward movement. After the price decline on August 17, the current support level of $1,640 has held. On August 17, the long candle tail signalled significant buying at lower price levels. Today, the Ether price is moving between $1,640 and $1,700.
In other words, the current value of Ether is $1,662.70. If the biggest altcoin rises above the current support, it will develop. A price rise will break the initial barrier of $1,700. Ether will rise to its previous high of $1,900. If the bears break the current support, the market will fall and retest the previous low at $1,517. In the meantime, Ether remains confined within a narrow trading range.
Ethereum indicator analysis
Ether remains oversold at level 24 of the Relative Strength Index for period 14. The largest altcoin has reached the oversold zone of the market. Ether is correcting upwards and fluctuating above its current support level. It has negative momentum below the daily Stochastic threshold of 40.
Technical Indicators:
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What is the next direction for Ethereum?
Ethereum will continue to trade above the current support level of $1,600. The dominance of doji candlesticks will prevent price movement above the current support level. Meanwhile, Ether is sliding and approaching the $1,700 resistance level. If the trading range thresholds are broken, Ether will develop a trend.
As we reported on August 19, the bears were unable to continue their negative run as altcoin entered the oversold zone of the market. As the selling pressure reaches bearish exhaustion, the biggest altcoin is fluctuating around the $1,600 support.Â
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.
