The price of Ethereum (ETH) fell to $2,100 and then recovered. ETH price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bearish
The price indicator had previously predicted a drop above the 2.0 level of the Fibonacci extension or the low of $2,152.60.
The selling pressure has stopped above the $2,400 support as the bulls have bought the dips. The price of the cryptocurrency is above the support level of $2,400. Ether will return to the previous high of $3,400 if the uptrend continues. Nevertheless, the altcoin would fall back to its previous low of $2,100 if the bears break the current support at $2,400. At the time of writing, Ether is price at $2,651.
Ethereum indicator analysis
The price bars are dominated by doji candlesticks below the moving average lines. The 21-day SMA reacts to the price bars as a resistance line. The 4-hour moving average lines are horizontal due to the sideways movement. The indecisive candlesticks with small bodies show the indecision of traders regarding the market direction.
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 trading sideways above the $2,400 level and below the moving average lines on the chart. The 21-day SMA has fended off the uptrend in the cryptocurrency price. Ether is bouncing above the current support but below the moving average lines. Doji candlesticks have limited the scope of the price action.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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-rises-but-only-slightly/