Ethereum’s price broke out of its range-bound trend and fell below the $3,600 support level.
After rebounding, the altcoin has remained range-bound above $3,600 and below the moving average lines since October 11.
Ethereum price long-term analysis: ranging
On the upside, buyers were rejected three times and failed to sustain the price above the moving average lines. After bears breached the lower price range, Ether dropped to a low of $3,061 today. The cryptocurrency’s price has since recovered above the historical threshold of $3,300 from August 2. This historical level marked the beginning of Ether’s bullish ascent on August 2. The largest altcoin is currently valued at $3,334.
Technical Indicators:
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Resistance Levels – $4,500 and $5,000 -
Support Levels – $3.000 and $2,500
Ethereum indicator analysis
The horizontal moving average lines are now sloping downward as the cryptocurrency continues to decline. The 21-day SMA acts as a resistance line for the price bars. On the 4-hour chart, the moving average lines, previously horizontal, are now sloping downward. The 21-day SMA barrier is below the 50-day SMA support, indicating a downtrend.
What is the next direction for Ethereum?
Since 4 November, Ethereum’s price has fallen and found support above its $3,200 low. The rally has stalled below the $3,400 high. If bears break the current support level of $3,200, Ether will fall back to its $3,000 low. Ether will resume its upward trend if buyers keep the price above the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.