Ethereum Holds Above $1,800 As Bears Tire

Jul 22, 2023 at 09:00 // Price
Author
Coin Idol
The altcoin is expected to continue trading sideways

Ethereum (ETH) price Analysis on Coinidol.com. Ether reaches $1,800, but the current downtrend has reached bearish exhaustion.

Ethereum Price Long Term Analysis: Bullish

Ethereum (ETH) has declined and stabilized above the $1,800 support due to the presence of doji candlesticks. Moreover, it is trading between the moving average lines. Ethereum is trading below the 21-day simple moving average but above the 50-day simple moving average. At the time of writing, Ether is worth $1,894.20.

Further downward or upward movement is unlikely as the cryptocurrency is forced to trade within a range. The price movement of altcoins is determined by breaking the current support and resistance levels. If buyers can break through the resistance at $1,920 or the 21-day line SMA, Ether will resume its uptrend.

The price indicator predicts that ETH will decline but reverse at the 1.272 Fibonacci extension or $1,868.10.

Ethereum Indicator Analysis

Ether is consolidating above the current support and is around the Relative Strength Index of period 14 at the level 50. The price movement has remained stable and has reached the price level of equilibrium. 

The altcoin is expected to continue trading sideways as it is trapped between the moving average lines. The bullish momentum has stalled above the daily stochastic threshold of 25.

Technical Indicators:

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

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

ETHUSD(Daily Chart) – July 22.jpg

What is the next direction for Ethereum?

Ethereum is consolidating above $1,800 support, signaling downtrend fatigue. Ether reversed its downtrend on July 14 and tested the 78.6% Fibonacci retracement line with a retreating candlestick. After the correction, Ether will retrace but reverse at the 1.272 Fibonacci extension level, or $1,868.10.

Last week an Analysis brought from CoinIdol.com reported: Ethereum price (ETH) was trading above the moving average lines while facing the resistance of $2,000 psychological price level. On July 22, ETH price is $1,886.  

ETHUSD_(4 Hour Chart) – July 22.jpg

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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