The price of Ethereum (ETH) has fallen below the 21-day line SMA as the largest altcoin retargets current support.
Long-term analysis of the Ethereum price: bearish
On October 4, buyers tried to push Ether above the 21-day line SMA. The upward momentum continued as the price retested the resistance at $1,400. The cryptocurrency’s price failed to break through the resistance as the altcoin fell back into the range bound zone.
Since September 21, the cryptocurrency value has been fluctuating between $1,220 and $1,400 price levels. The altcoin may fall to a low of $1,000 if sellers break the $1,220 support. Similarly, the largest altcoin will resume its uptrend if the bulls overcome the resistance at $1,400. This will push Ether to regain the previous highs of $1,800 and $2,030.
Ethereum Indicator Analysis
The recent retracement has caused Ether to reach level 45 of the Relative Strength Index for period 14. Ether will continue to decline as the price bars are below the moving average lines. The largest altcoin is in bearish momentum below the 40% area of daily stochastics. The bearish momentum is unstable due to the doji candlesticks.
Technical Indicators
Key resistance zones: $2,500, $3,300, $4,000
Key support zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
On the 1-hour chart, Ethereum is in a downward movement but holding above the $1,300 support. On October 8, the price of Ether corrected upwards and a candlestick tested the 78.6% Fibonacci retracement level. The correction suggests that Ether will fall but reverse at the 1,272 Fibonacci extension level or $1,284.45.
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. Readers should do their research before investing in funds.
