Ethereum Meanders Sideways And Stays Above $2,600

The price of Ethereum (ETH) has continued its sideways movement above $2,600 since the recovery on February 3.

Ethereum price long-term analysis: bearish

The price is moving between the support at $2,600 and below the moving average lines or resistance at $2,800. Neither the bears nor the bulls are in control of the price. 

On February 17 and 21, for example, Ether came under selling pressure at higher price levels. The bulls bought the dips, but Ether fell to the current support. The 21-day SMA will be retested by the cryptocurrency price to surpass it. 

A break above the 21-day SMA will push the altcoin to reach the next resistance at the 50-day SMA. Further upside to the high of $3,400 is possible if the 50-day SMA is breached. 

However, Ether may continue its trading range below the moving average, invalidating the bullish scenario. Today, Ether has reached a high of $2,778.

Ethereum indicator analysis

The decline was halted at $2,600, but the price bars are consolidating below the moving average lines. The price bars on the 4-hour chart are above and below the moving average lines. 

However, the consolidation below the moving average lines will lead to a breakdown or a rebound.

Technical Indicators: 

Key Resistance Levels – $4,000 and $4,500 

Key Support Levels – $3.500 and $3,000

What’s next for Ethereum? 

Ethereum has continued its oscillation between the resistance at $2,800 and the support at $2,600. Due to the dominance of doji candlesticks, Ether is now confined to its small range. The Doji candlesticks show the uncertainty of traders about the further course of the market.

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.