Ethereum (ETH) has risen above the critical support level of $2,400 after recovering from its recent dip. Price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: fluctuation
Since August 5, the largest altcoin has been moving in a rangebound pattern above the $2,300 support and below the moving average resistance lines at $2,800. Should the bears break the $2,300 support, the market would drop to a low of $2,000 or $1,674.
Today, the altcoin is soaring as it returns above $2,400. If buyers keep the price above the 21-day SMA, Ether will return to its high of $2,800. However, a break above the 50-day SMA will indicate the resumption of the uptrend. Ether will then reach a high of $3,400. At the time of writing, Ether is valued at $2,444.
Analysis of the Ethereum indicators
The price bars have returned below the moving average lines, where they continue to be rejected. The moving average lines are sloping horizontally due to the sideways movement. The biggest altcoin risks fall in the downtrend zone. The price movement is slowed down by the doji candlesticks.
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?
Ethereum has been moving in a range over the last three trading weeks. The altcoin is trading above the current support level but below the moving average lines or resistance at $2,800. The price points to a further decline in the cryptocurrency.
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/ethereum-further-slump/