The price of Ethereum (ETH) has remained below the moving average lines and above the crucial support level of $2,300 since the price drop on October 3.
Long-term analysis of the Ethereum price: bearish
On October 7, Ether was rejected as buyers tried to hold the price above the moving average lines. Doji candlesticks are forming below the moving average lines. The conclusion is that the price will remain stationary while the sideways movement continues. The largest altcoin is worth $2,458 and is just above key support. If Ether loses its critical support at $2,300, it will fall to the psychological price of $2,000 or below.
On the upside, the market will resume its uptrend once the price rises above the moving average lines and resistance at $2,800.
Analysis of the Ethereum indicators
The uptrend is doubtful as the price bars have fallen below the moving average lines. The price bars are characterised by doji candlesticks. This indicates that the price of Ether will fluctuate and the altcoin will continue to move within a range. The moving average lines have remained horizontal as the range-bound movement continues.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
After the price drop on October 3, Ether traded above $2,300 but below the $2,500 resistance level, as reported by Coinidol.com previously..
The price movement is consistent as Ether falls below its recent high. The existence of doji candlesticks will cause the largest altcoin to continue its rangebound movement.
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.
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