Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis

Ether (ETH), the second largest cryptocurrency by market cap, is up about 140% year-to-date, but the uptrend has slowed since January. The first level of support is around $1,561, defined by its 50-day volume weighted moving average.

• The relative strength index (RSI) made a series of lower highs since January, diverging from ETH’s uptrend.
• Initial support for ETH is around $1,561, with lower support around the $1,300 breakout zone.
• Resistance remains around the $2,000 level, which set in February as fresh all-time-high for ETH.
• ETH has trailed bitcoin (BTC) since the Chicago-based commodities exchange CME launched its new ether futures contract in early February.