Ethereum Recovers, But Remains Stuck At $1,340 High

Ethereum price (ETH) has fallen to the crucial support above $1,155 as bulls have bought the dips.

Long-term analysis of the Ethereum price: bearish

After rallying on October 13, the Ether price rallied to the high of $1,340. The upward movement was stopped at the $1,340 level or the 21-day line SMA. The largest altcoin will continue to rise to the next resistance at $1,800 if the current resistance levels are broken. Today, buyers are testing the 21-day line SMA again to overcome it. 

However, if Ether turns down from the 21-day line SMA, the largest altcoin will be forced to continue its movement within the trading range. Since September 21, Ether has been in a sideways movement between $1,220 and $1,400. On October 13, sellers broke the current support and the altcoin fell to a low of $1,155. Ether has recovered from its current fall. Today, buyers are still struggling to break the recent high.

Analysis of Ethereum indicators

Due to the recent recovery, Ether has remained at the 45 level of the Relative Strength Index for the 14 period. The price bars are still below the moving average lines, indicating a possible decline. As Ether is above the 80% area of the daily stochastic, a decline is likely. Sellers will appear in the overbought region and push prices lower. 

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? 

Ethereum has rallied back to the previous high above the $1,300 support. Further upside was limited by the 21-day line SMA. It is likely that the market will move between $1,220 and $1,400 again.

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.

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