The price of Ethereum (ETH) has closed below the 50-day SMA twice, with the bulls buying the dips. The bulls are doing their best to keep the price above the 50-day moving average line.
Long-term analysis of ETH price: bearish
Now, Ether has been pushed back from the 50-day SMA. If the selling pressure intensifies, the downtrend could resume to the $3,000 support level. Buyers will protect the $3,000 support if Ether falls. The largest altcoin will be forced to trade between $3,000 and $4,094. Ether will return to the bullish trend zone if buyers keep the price above the 21-day SMA. The altcoin will rise to its previous high of $4,094. In the meantime, buyers are about to break above the 50-day simple moving average.
Analysis of the Ethereum indicators
Ether price bars are below the moving average, but buyers are pushing the price above the 50-day SMA. On the 4-hour chart, the Ether price bars are between the moving average lines. This points to a likely range-bound move for the cryptocurrency. However, if buyers sustain the price above the 21-day SMA, a bullish trend will emerge.
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 shows Ether making an upward reversal as buyers try to hold the price above the moving average lines. Ether’s current price range is $3,100 to $3,600. If Ether is rejected at the 50-day SMA, it will be compelled to move within a range.
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.
