Ethereum (ETH) price has fallen below the moving average lines but has found support above the 50-day SMA. Cryptocurrency price analysis brought by Coinidol.com.
Long-term analysis of the Ethereum price: bearish
The negative trend has reached its bearish exhaustion. The largest altcoin fell from a high of $4,094 to a low of $3,326 or the 50-day SMA. The bearish momentum has faded as support was found above the 50-day SMA but below resistance at the 21-day SMA. Ether is now trapped between the moving average lines. On the downside, Ether will drop to the $3,000 low if the bears break below the 50-day SMA. Today, Ether has regained upside momentum above the 50-day SMA support. The altcoin is expected to rise to the next resistance at the 21-day SMA. If the buyers sustain the price above the 21-day SMA resistance, the altcoin will rally back to the high of $4,000. At the time of writing, Ether is worth $3,432.
Ethereum indicator analysis
After the recent drop, Ether has fallen between the moving average lines. The largest altcoin will be forced to make a range bound move between the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating a downtrend.
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?
Ether is bearish and selling pressure has eased above the $3,300 level. The altcoin is trading above $3,300 but below $3,800. During the last decline, Ether broke above the $3,500 support and resumed its uptrend. In the meantime, the altcoin is consolidating above the $3,400 support in anticipation of a positive trend.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
