Ethereum Slumps As It Ranges Above $1,500

The Ethereum price has paused its decline above the $1,500 support level.

Ethereum Price Long-Term Analysis: Bearish

For the past five days, the largest altcoin has been trading above $1,500 but below the $1,700 high. Today, the cryptocurrency price is falling after reaching a high of $1,700. On the downside, if the bears break below the $1,500 support, Ether will slide further to a low of $1,260.  

However, if the bears fail to break the current support, the altcoin will continue to fluctuate above this level. On the upside, if buyers overcome the initial $1,700 barrier, Ether’s upward trend will resume. Today, altcoin’s decline has paused above the $1,600 low. 

Technical indicators:

Key resistance levels: $3,500 and $4,000.

Key support levels: $2,500 and $2,000.

Ethereum Indicator Analysis  

The moving average lines are sloping downwards towards the bottom of the chart. The 21-day SMA has crossed below the 50-day SMA, indicating a downtrend. 

On the 4-hour chart, the cryptocurrency price has fallen below the downward-sloping moving averages. The price had previously moved between the moving average lines. Ether has resumed its selling pressure after breaking below the 21-day SMA.

What Is the Next Direction for Ethereum?

Ethereum has fallen below its support level of $1,500. On 6 February, the altcoin reached a low of $1,747, but buyers purchased the dips. Ether rose above the moving average lines but failed to surpass the high of $2,400. Today, sellers have pushed the price down to $1,500. The Ether price is now confined to a range above the $1,500 support and below the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.