Ethereum Backs Down And Struggles To Reach $1,600 Mark

The latest price analysis by Coinidol.com report, Ethereum price (ETH) is falling as buyers failed to keep the price above the $1,700 resistance level.

Long-term analysis of the Ethereum price: bearish

After the rally on August 17, buyers have been desperately trying to break through the $1,700 resistance. If the current resistance is broken, Ether will resume its uptrend. However, Ether is encountering resistance near its recent high.

As a result, the altcoin is sliding and could fall below the current support level of $1,600. If the bears break the current support of $1,600, the largest altcoin will fall to lows of $1,517 and $1,400. On the other hand, if the current support holds, the cryptocurrency asset will be forced to trade in the zone between $1,600 and $1,800. Ether is currently on the retreat, hitting a low of $1,648.50 at the time of writing.

Ethereum indicator analysis

Ether is trading with a Relative Strength Index of 29 for the 14 period. The largest altcoin is trading in the oversold zone of the market. Buyers are expected to emerge at lower price levels. Altcoin risks are decreasing while the market is in a downtrend. Bearish momentum has stalled below the daily stochastic level of 40. Ether is struggling to stay above the $1,600 level.

Technical Indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What’s next for Ethereum?

After the August 17 rally, the largest altcoin is fluctuating between support at $1,600 and resistance at $1,700. Once the area is broken, Ether will resume its trend.

On August 22, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the price is little changed since the price decline on August 17. Resistance at $1,700 limits the upward movement. 

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.

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• Source: https://coinidol.com/ethereum-backs-down/