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Ethereum Struggles Below $1,200 High But Risks Further Decline

The price of Ethereum (ETH) is in an uptrend as the bulls try to break the 21-day line SMA. In other words, Ether will rise if the bulls overcome the resistance at $1,194.

Long-term analysis of Ethereum price: bearish

On June 24, 2022, Ether is trading between its current low at $881 and resistance at $1,191. If the bulls overcome the resistance at $1,191, the Ether price could rise to $1,300. On the other hand, if the bears fail to break the recent high or break away from the 21-day line SMA, Ether will fall back to the previous low of $881. That is, after Ether loses the psychological price level of $1,000. . In the meantime, Ether is rising, reaching a high of $1,151 at the time of writing.

Analysis of Ethereum Indicators  

Ether is at level 33 of the Relative Strength Index for period 14. The altcoin is in a downtrend as buyers are emerging in the oversold region of the market. The cryptocurrency’s price bars are far below the moving averages, indicating a further decline. The cryptocurrency is below the 20% area of the daily stochastic. The altcoin is in the oversold region of the market. 

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Technical Indicators: 

Key resistance levels – $2,500 and $3,000

Key support levels – $1,500 and $1,000

What is the next direction for Ethereum? 

Ethereum is in a downward correction as buyers push the altcoin to its previous highs. The downtrend will continue if Ether fails to hold the psychological price level of $1,000. On the weekly chart, a candlestick has tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to the 1.618 Fibonacci Extension level or $864.69. The price action shows that the coin has retested the Fibonacci extension and is trending upwards again.

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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 funds.


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