On June 18, the Ethereum price (ETH) fell to a low of $881.01 as bulls bought the dips. On June 19, the largest cryptocurrency corrected upward and reached a high of $1,158.
Long-term analysis of the Ethereum price: bearish
The upward correction is met with rejection at the recent high. The altcoin resumes its uptrend after retreating to the support at $1,052. The largest cryptocurrency has rallied above $1,000 support, but risks another decline. If the bulls overcome the resistance at $1,156, Ether could rise to the high of $1,300. On the other hand, if the bears break below the support at $1,051, Ether will fall to the previous low of $881. In the meantime, Ether is rising, reaching a high of $1,124 at the time of writing.
Ethereum indicator analysis
Ether is at level 28 of the Relative Strength Index for period 14. Buyers are emerging in the oversold region of the market. The price bars of Ether are far below the moving averages, which indicates a further decline. The cryptocurrency is above the 80% area of the daily stochastic. The market is reaching the overbought area of the market.
Key resistance levels — $2,500 and $3,000
Key support levels — $1,500 and $1,000
What is the next direction for Ethereum?
Ethereum has regained bullish momentum as the price has risen above the 21-day moving average. The largest altcoin will resume its uptrend if the price rises above the 50-day line SMA. However, if the 50-day line SMA remains unbroken, the altcoin will be forced to move between the moving average lines. Meanwhile, on June 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to the level of the Fibonacci extension of 1.618 or $1,288.28.
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.