The price of Ethereum (ETH) is decreasing and is getting close to $1,462.20 as a low.
The bearish momentum has diminished as Ether maintains its position above the SMA of the 50-day moving average. The largest alternative currency is, incidentally, trapped inside the moving average lines. Ethereum will be compelled to move in a range for a few days if it continues to trade above the existing support. However, the altcoin will start to trend if the present levels are breached. If the bears breach below the 50-day line SMA, the market will drop to a low of $1,352. At some point, $1,200 will come under selling pressure. Positive momentum will pick up again if the price of Ether moves over the 21-day line SMA. At $1,700, the cryptocurrency will reach a new high.
For the period 14, Ether’s relative strength index fell to a score of 44. The cryptocurrency is in a downward trend and may continue to decline. The largest cryptocurrency might keep moving inside the range as long as the price bars stay in the area between the moving average lines. The daily stochastic’s 25 level indicates a negative trend for the cryptocurrency.
As it maintains above the $1,400 support, Ether is moving in a negative direction. On February 10, as Ether was in a decline, there was an upward correction and a candlestick that tested the 78.6% Fibonacci retracement line. According to the correction, ETH is expected to fall but will reverse course at the Fibonacci extension of 1.272, or $1,439.32.