The price of Ethereum (ETH) broke above the 50-day SMA support on July 19, although it has since retraced back above this level.
Long-term analysis of the Ethereum price: bullish
Buyers have failed to lift the price above the $3,600 mark. The largest altcoin peaked at $3,566 before being pushed back.
On a positive note, Ether would have reached a high of $3,730 if the buyers had been successful. The uptrend will continue until the psychological price level of $4,000 is reached.
Today, Ether is valued at $3,471. The bears are determined to push the price below the 50-day SMA support. The largest altcoin will fall if it loses the 50-day SMA support. The altcoin will fall to the 21-day SMA low of $3,278. Ethereum will have to trade sideways if neither the bulls nor the bears gain the upper hand. In other words, Ether will trade above the 50-day SMA support but below the $3,600 resistance level.
Analysis of the Ethereum indicators
After the breakout on July 19, as reported by Coinidol.com, the price bars are now above the moving average lines. The current uptrend will continue if the 50-day SMA support holds. If the 50-day SMA support is broken, a downturn will begin. However, the price bars on the 4-hour chart are below the moving average lines, indicating that the cryptocurrency is bearish.
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?
Ethereum’s future direction is uncertain as it remains above the 50-day SMA support. The market will take its cue from whether the price falls below or above the 50-day SMA support. On July 23, the bears broke the 50-day SMA but recovered above it. Today, the price of the cryptocurrency is still hovering above the 50-day SMA support.
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.
