The price of Ethereum (ETH) has fallen below the moving average lines but remains above the $3,000 support.
Long-term analysis of the Ethereum price: bearish
Since the price drop on April 13, 2024, the largest altcoin has been trading above the $2,800 support but below the moving average lines or resistance at $3,200. Bulls and bears are at odds over the direction of the market.
On April 13, the bears planned to dump Ether when it fell to a low of $2,848. Ether would have fallen to a low of $2,700. Nevertheless, the bulls bought the dips and pushed Ether above the $3,000 support level. ETH/USD is currently worth $3,020.
Analysis of the Ethereum indicators
Ether’s price bars are below both the 21-day and 50-day SMA, with the 21-day SMA acting as resistance. The altcoin will regain its bullish momentum if the bulls break above the 21-day SMA. The emergence of Dojt candlesticks has led to a marginal price movement.
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 largest altcoin is in a downtrend but fluctuating within a range. The downtrend has weakened and Ether is trading between $2,800 and $3,600. However, the upward movement continues to be hindered by resistance at $3,200. The 21-day simple moving average has narrowed the current price range.
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.com. Readers should do their research before investing in funds.