Ethereum’s price has been moving sideways above the $3,200 support level since the price drop on November 4.
Ethereum price long-term analysis: ranging
Buyers have pushed the price higher over the past week, but the cryptocurrency is encountering resistance at the $3,600 level.
Today, Ether is rising after failing to break through the $3,600 barrier. If Ether overcomes the resistance at $3,600 and the 21-day SMA, it will rise above the moving average lines and could reach a high of $4,000.
However, if the price falls from its recent high, Ether will continue to trade within a range above the $3,300 support and below the moving average lines. Ether could drop as low as $2,500 if sellers push the price below the $3,300 support.
Technical Indicators:
-
Resistance Levels – $4,500 and $5,000 -
Support Levels – $3.000 and $2,500
ETH price indicators analysis
The 21-day SMA and the 50-day SMA continue to trend lower. Buyers must overcome the 21-day SMA barrier for the crypto asset to regain its bullish momentum. On the 4-hour chart, the price bars are positioned between the sideways-oriented moving average lines, indicating a likely range-bound trend for the cryptocurrency. The price action is characterised by Doji candlesticks, resulting in sideways movement.
What is the next direction for ETH?
Ethereum has resumed its sideways movement following the end of the downturn on November 4. ETH is trading above $3,200 but below $3,700. If the price breaks above the 21-day SMA, Ether will rise. If Ether falls below the 50-day SMA support, selling pressure will resume.
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.