Ethereum Reaches Oversold Area, Threatens to Fall Beneath $1,700

Home » Ethereum Reaches Oversold Area, Threatens to Fall Beneath $1,700
Aug 19, 2022 at 11:33 // Value

The worth of Ethereum (ETH) has declined and fallen beneath the 21-day line SMA. Ether has fallen to the low of $1,712. The present assist is the historic value stage of July 28.

Ethereum value long-term evaluation: bullish

The most important altcoin is prone to maintain above the present assist. Nonetheless, if the bears break beneath the present assist, the market will fall to the low of $1,449.

In different phrases, ETH will fall above the 50-day line SMA. Nonetheless, if the 50-day line SMA holds, the altcoin will resume its motion between the transferring common traces. The cryptocurrency will develop a development when the transferring common traces are damaged. For instance, if the bears break beneath the 50-day line SMA, the downtrend will resume. The market will fall to the earlier low at $1,029.90. In the meantime, ETH /USD is buying and selling at $1,735.31 at press time.

Ethereum indicator evaluation

Ether is at stage 50 of the Relative Energy Index for interval 14, indicating that there’s a stability between provide and demand. The most important altcoin will proceed its motion inside a spread because the Ether value falls between the transferring common traces. ETH /USD is beneath the 20% vary of the each day stochastic. The altcoin has fallen into the oversold zone of the market. Due to this fact, the promoting stress would possibly ease.

Technical Indicators

Main resistance zones: $2,500, $3,300, $4,000.

Key assist zones: $2,000, $1,500, $1,000

ETHUSD(Daily Chart) - August 19.png

What’s the subsequent path for Ethereum?

The Ether value is in a downtrend as the value breaks beneath the transferring common traces. In the meantime, on August 17 downtrend; a retraced candle physique examined the 61.8% Fibonacci retracement stage. The retracement means that ETH will fall to the extent 1.618 Fibonacci extension or $1,746.59. The worth motion exhibits that Ether is transferring above the 1.618 Fibonacci extension.

ETHUSD( 4 Hour Chart) - August 19.jpg

Disclaimer. This evaluation and forecast are the non-public opinions of the creator and aren’t a advice to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by CoinIdol. Readers ought to do their analysis earlier than investing funds.

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