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Ethereum reverses from 1800 resistance, targets 1500 support
The move comes after Ethereum slipped back from the 1800.0 resistance area, which also marks the upper boundary of its June trading range.
Ethereum has reversed downward from the 1800.00 resistance level, a zone that previously acted as a double bottom from February and aligns with the upper daily Bollinger Band, Action Forex said.
Action Forex also pointed to the 38.2% Fibonacci correction of the April decline and the fact that 1800.00 represents the upper edge of the sideways trading range Ethereum has been moving within since June.
With the chart showing a clear daily downtrend and daily Stochastic signals in overbought territory, Ethereum is expected to fall further toward the next support level between 1500.00, which is described as the lower boundary of the active sideways range.
ActionForex.com, which says it has been operating since 2004, frames its analysis as aimed at supporting traders.
Latest closeEthereum $1,882.90 ▼1.9%