Ethereum Holds Above $1,800 As Traders Remain Hesitant

Ethereum's decline has persisted above the $1,800 support since March 10.

Long-term analysis of Ethereum price: bearish

The altcoin broke above the $1,800 support after falling as low as $1,761. The only price that has risen is the peak of $2,100, as Coinidol.com reports.

At the moment, the largest altcoin is trading within a narrow range between the support at $1,800 and the resistance at $2,100. At the moment, Ether is bearish and approaching the critical support of $1,800. Should the bears gain ground and break through the critical support, the altcoin will fall even lower, to a low of $1,550. The restricted price range will persist if the current support holds.

On the daily chart, ETH will fluctuate between $1,800 and below the 21-day SMA until the trend is established.

Ethereum Indicator Analysis  

Doji candlesticks have appeared on the daily chart as Ether consolidates below the moving average lines. The trend will turn positive again if ETH recovers and breaks above the 21-day SMA. Long candlestick tails breaking the $1,800 support indicate strong buying pressure at lower price levels.

ETH's negative trend has weakened since doji candlesticks emerged above the $1,800 support. Doji candlesticks indicate the hesitation of buyers and sellers in terms of market direction.

On the weekly chart, the price indicator forecasts a possible decline to the Fibonacci extension 2.0 or $2,152.60. However, the downtrend has exceeded the expected price level.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $2.000 and $1,500

What Is the Next Direction for Ethereum?

On the downside, if the bears gain ground and breach critical support, the altcoin will drop even lower, to a low of $1,550. The restricted price range will persist if the current support holds.

On the daily chart, Ether will fluctuate between $1,800 and below the 21-day SMA until the trend is determined. Ether is worth $1,975 at the time of writing.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.