Ethereum Backtracks And Encounters Rejection At $2,800

The price of Ethereum (ETH) has been trading in a range since its recovery from the August 5 plunge. Selling pressure has eased, but the altcoin remains above the $2,200 support level and below the moving average lines.

Long-term analysis of the Ethereum price: bearish

On the upside, movement is hindered by resistance at $2,800 or the 21-day SMA. The value of the altcoin is likely to fall further. Today, the altcoin is on the retreat as it hovers around the $2,600 support. If Ether loses the current support of $2,200, it will fall to the lows of $2,000 and $1,674. At the time of writing, the price of Ether was at $2,658.

Analysis of the Ethereum indicators

The price of Ether is falling after reaching resistance at $2,800. The price bars are below the moving average lines, indicating a further decline in the cryptocurrency. The extended candlestick tail points to the $2,000 support, indicating significant buying pressure at current levels.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500

Key Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

Ether is in a downtrend after reaching a new high. The largest altcoin continues to trade between $2,200 and $2,800. It is currently moving back towards the lower price range. If the bears break the current support of $2,200, the altcoin will fall and retest the previous low of $2,000 or below.

Previously Ether price was fluctuating between $2,200 and $2,800, as Coinidol.com wrote on August 10.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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-backtracks-and-encounters/