Ethereum Bulls and Bears in Price Tussle as It Consolidates Above $1,000

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Jun 17, 2022 at 13:00 // Price

Ethereum (ETH) has settled above the psychological $1,000 mark. After the June 13 plunge, the Ether price has been fluctuating between $1,000 and $1,250, with buyers making desperate efforts to defend the current support from raging bears.

In the last five days, the bears have retested the current support four times to bring down the biggest altcoin. On the other hand, the bulls have retested the resistance at $1,250 several times and resumed the uptrend. If the resistance at $1,250 is overcome by the buyers, Ether will rise to the high of $1,520. Conversely, if the bears fall below the support at $1,000, the bulls will buy the dips to recover the decline. Meanwhile, ETH/USD is falling, reaching the low of $1,092 at the time of writing.

Ethereum indicator analysis  

Ether is at level 19 of the Relative Strength Index for period 14. The altcoin is in the oversold region of the market. Buyers have yet to emerge to push prices higher. Ether’s price bars are well below the moving averages, indicating a further decline. The cryptocurrency is below the 20% area of daily stochastics. The market is in a bearish momentum. 

Technical indicators:  

Major Resistance Levels – $2,500 and $3,000

Major Support Levels – $1,500 and $1,000

What is the next direction for Ethereum?

Ethereum is consolidating above $1,000 support as it reaches its lower price level. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall to the 1,272 Fibonacci Extension level or $1,341. Based on the price action, Ether has fallen to the low of $1,092.

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.