Ethereum (ETH) price is moving sideways, above the $3,200 support but below the moving average lines. Cryptocurrency price analysis brought by Coinidol.com.
Long-term analysis of the Ethereum price: bearish
The bears and bulls are fighting over prices in the bearish trend zone. Today, Ether price is rising as it approaches the 50-day SMA resistance. A break above the moving average lines will propel the altcoin higher. However, altcoin’s rise is uncertain as it is trading in the downtrend zone. The bears have an advantage in price control as Ether is trading in a bearish trend zone. On the negative side, Ether is likely to fall if the bears break below the $3,200 support. The largest altcoin will fall to lows of $3000 and $2,850. However, the bulls will protect the $2,850 support and save the altcoin from further depreciation.
Ethereum indicator analysis
The price bars are moving below the moving average lines as traders remain uncertain about the market direction. The moving average lines, which were previously trending upwards, are now sloping downwards. On the 4-hour chart, the price bars are converging below the horizontal moving average lines.
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 4-hour chart of Ether shows a price range of $3,200 to $3,500. Ether is consolidating above the support level of $3,300 but below the moving averages. The presence of doji candlesticks has caused the price action to remain stationary. The price has remained at the high of $3,400.
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.
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