Ethereum Stabilizes Above $1,800, But Moves In Range

Apr 25, 2023 at 07:27 // Price
Author
Coin Idol
Ether is currently trading within a range between the moving average lines

Although the Ethereum price (ETH) is still declining, it is currently above the support level of $1,800.

Long-term analysis of the Ethereum price: bearish

The largest altcoin has been bouncing between moving average lines since April 21, which has slowed the current decline. The upward correction was halted at the $1,900 high as selling pressure stalled above the $1,800 support. Conversely, Ether is trading in a small range between $1,800 and $1,900, but between the moving average lines. On the positive side, a price rise will take the cryptocurrency above the $1,900 resistance level and the 21-day line SMA. If buyers break the current highs, Ether will rise above the psychological price threshold of $2,000. If the bears break the support at $1,800 and the 50-day line SMA, Ether will fall to the low of $1,700.

Analysis of Ethereum indicators

Ether is in the downtrend zone at level 47 of the Relative Strength Index for the period 14. Despite being in a downtrend zone, the largest altcoin finds support above the low at $1,800. Ether is currently trading within a range between the moving average lines. The price of the cryptocurrency is falling below the stochastic level of 50 on the daily basis, which indicates a downtrend.

ETHUSD(Daily chart0 - April 24.23.jpg

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ethereum is now stabilizing above the $1,800 support after a recent decline on April 21. The price of Ether is fluctuating between the current support level and the recent high. Any price gains will be slowed down by the high at $1,880 and the 21-day line SMA. When these thresholds are crossed, the  Ether price will rise

ETHUSD(4 Hour chart0 - April 24.23.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. Readers should do their research before investing in funds.

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