Generative Data Intelligence

Ethereum Continues To Falter And Fails At The Hurdle Of $1,740

Date:

Oct 07, 2023 at 06:33 // Price

Ether reached the overbought zone

Cryptocurrency analysts of Coinidol.com report, Ethereum (ETH) is back in its October 5 price range after rising to a high of $1,765.

Long-term analysis of Ethereum price: bullish

The largest altcoin hit a low of $1,607 before starting to rise again. The altcoin’s price fell to a range between $1,600 and $1,740, and when the range is broken, Ether will develop a trend. At this point, the altcoin is trading at $1,634. The hurdle around $1,740 has prevented the largest altcoin from continuing its rise since August 17. On August 29 and October 1, the altcoin was twice beaten back by the $1,740 resistance, which caused Ether to continue its sideways movement. If the bulls overcome the $1,740 resistance, the uptrend for ETH /USD will resume. Ether has reached bearish exhaustion on the downside. Long candlestick tails indicating strong support at lower price levels describe the current support.

Ethereum indicator analysis

After rejecting the recent high, the cryptocurrency price bars are below the moving average lines. Selling pressure is expected to increase when the price drops below the moving average lines. Nevertheless, the decline has brought the price near the oversold level. Buyers are expected to increase the price.

ETHUSD_(Daily Chart) – OCT. 6.23.jpg

Technical indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What’s next for Ethereum?

The price of Ether is currently hovering between $1,600 and $1,740, and the movement within the range will continue as long as the boundaries of the range remain intact. Although the resistance level of $1,740 was broken on October 1, buyers were not able to maintain the upward momentum. Ether reached the overbought zone when it encountered rejection.

ETHUSD_(4 hour Chart) – OCT. 6.23.jpg

As we reported on October 03, the altcoin was rejected for the second time at its recent high. Had the buyers been successful, Ether would have risen to a high of $1,800 or $1,900. 

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.com. Readers should do their research before investing in funds.

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