The price of Ethereum (ETH) has fallen below the moving average lines for the third time, indicating a rejection by the moving average lines. Price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bearish
Ether’s upward movement is currently encountering firm resistance at the moving average lines and the $3,400 mark. On April 28, 2024, the altcoin broke through the 21-day SMA and the $3,056 support level after its rejection of the $3,400 resistance zone. Ethereum fell and tested its previous low of $2,848 before recovering.
At the time of writing, Ether is currently valued at $2,889.50. If the current support holds, the largest altcoin will be forced to move within a range. The altcoin will trade above the support level of $2,848 but below the moving average lines. However, Ether will drop to a low of $2,700 if the current support is broken.
Analysis of the Ethereum indicators
Given the sideways trend, the moving average lines are horizontal. Moreover, the moving average lines of both charts are showing negative crossovers, which is a bearish sign for the cryptocurrency.
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?
The 4-hour chart of Ethereum shows a decline that peaked at a low of $2,863. In recent weeks, Ether has traded in a range of $2,940 to $3,300. The bears have broken through support at $2,940 and reached a low of $2,824. If the downtrend continues, Ether will fall to a low of $2,700.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.