Ethereum Price Prediction as $1,800 Level Comes into Play – What Are the Indicators Showing?
The Ethereum price has dropped by 0.5% in the past 24 hours, dipping to $1,619 as the market as a whole falls by roughly the same percentage within the same amount of time.
ETH has now declined by 6% in the past week, although the market's biggest altcoin remains up by 2.5% in a fortnight and by 35% since the beginning of the year.
However, the cryptocurrency has struggled to remain above $1,700 this month, while its 200-day average continues to hover around $1,800, indicating just how oversold it still is at the moment.
On the other hand, this also suggests that ETH is due a rebound and soon, and with its fundamentals remaining very strong, such a rebound is only a matter of time.
There's little doubt that ETH is in the middle of a short-term downswing right now, with its indicators all looking fairly weak.
Firstly, its price has dropped by its 30-day exponential moving average (yellow), which itself remains some way below the coin's 200-day average (blue), all of which indicates big selling pressure.
Secondly, ETH's relative strength index (purple) is falling slowly below 50, something which also signals an excess of selling, but which also suggest that such selling could continue for a while longer yet (since the RSI hasn't fallen to 30 or 20).
Having said that, it will be interesting to see whether ETH's current support level (green) can resist a fall below $1,600 or so.
If it can, ETH may recover sooner rather than later, yet a drop below this key psychological level may forecast further losses.
Either way, Ethereum remains one of the most fundamentally attractive altcoins in the market, and given that it is massively below its current 200-day average of $1,800, it really should rebound soon.
Indeed, recent losses have
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