The price of Ethereum (ETH) has sunk to the bottom of the chart.
Long-term analysis of the Ethereum price: bearish
Yesterday, the largest altcoin fell to as low as $2,159. Ether returns to the previous low of $2,100 for the second time. The historical price level from September 6, 2024 is the support at $2,100, as reported by Coinido.com.
Every time Ether reaches this critical support level, it returns above the $2,100 mark. The bulls have been buying the dips today as the altcoin continues to hover above the $2,200 mark. The first hurdle in the uptrend is the $2,300 high.
Ether has been trading in a small range between the $2,500 high and the $2,100 support level since February 26. If buyers break through the barrier at $2,500 and $2,800, the uptrend will resume. On the downside, it is unlikely that the cryptocurrency will fall further.
Analysis of the Ethereum price indicators
The price bars are below the moving average lines, which have fallen significantly. The 21-day SMA is below the 50-day SMA, indicating the decline. Doji candlesticks have appeared as the altcoin reached the bottom of the chart.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
Ethereum is currently moving in a range between the support at $2,200 and the resistance at $2,500 as well as the moving average lines.
The crypto price is consolidating above the $2,200 support, while Ether is reaching the bottom of the chart. The emergence of Doji candlesticks indicates that the market has reached bearish exhaustion.
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
Source: https://coinidol.com/ether-bearish-fatigue/