Ethereum (ETH) Price Analysis: Sideways Movement Above Support
Long-term Analysis of the Ethereum Price: Bearish
The bears and bulls are battling in a bearish trend. Today, Ether is rising near the 50-day SMA resistance. A break above the moving averages could propel the altcoin higher. However, there’s uncertainty as it trades within the downtrend zone. The bears have a stronger grip on price control. If the bears breach the $3,200 support, Ether may drop to $3,000 or $2,850. Nonetheless, bulls are expected to defend the $2,850 support to prevent further declines.
Ethereum Indicator Analysis
Price bars are below the moving averages, indicating traders’ uncertainty about market direction. Previously upward-trending moving average lines are now sloping downwards. On the 4-hour chart, price bars converge below horizontal moving average lines.
Technical Indicators:
- Key Resistance Levels: $4,000 and $4,500
- Key Support Levels: $3,500 and $3,000
What is the Next Direction for Ethereum?
The 4-hour chart indicates a price range of $3,200 to $3,500. Ether is consolidating above the $3,300 support but below the moving averages. Doji candlesticks have led to stationary price action, with a high of $3,400 reached.
Disclaimer: This analysis represents the personal opinions of the author. It should not be considered a recommendation to buy or sell cryptocurrency and does not constitute an endorsement by CoinIdol.com. Readers should conduct their own research before investing.
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