The price of Ethereum (ETH) has been moving steadily below the moving average lines since October 1. ETH has held above the support levels of $2,300 and $2,400.
Ethereum price long-term analysis: bearish
Selling pressure is easing at lower price levels. Now Ether is trading above the support of $2400.
On the upside, a price rise above the current support level will push
Ether above the moving average lines. The positive trend will continue to the next resistance at $2,800. The uptrend will start once buyers break above the resistance at $2,800. If the buyers are successful, Ether could reach a high of $3,400.
Ethereum Indicator Analysis
The largest altcoin is expected to rise as its price bars are above the moving average lines on the 4-hour chart. Ether is consolidating, suggesting that the cryptocurrency could be on its way up.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
After the price drop on October 3, Ether has been moving sideways. The indecisive candles with small bodies have led to limited price movement.
Today, the cryptocurrency price has broken above the moving average lines. Ether faces an initial barrier at a high of $2,400.
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.
Source: https://coinidol.com/eth-bearish-exhaustion/