The price of Ethereum (ETH) has continued its sideways movement above $2,600 since the recovery on February 3.
Ethereum Price Long-Term Analysis: Bearish
The price is moving between the support at $2,600 and the resistance at $2,800, with neither bears nor bulls controlling the market.
On February 17 and 21, for example, Ether faced selling pressure at higher price levels. The bulls attempted to buy the dips, but Ether fell to its current support level. The 21-day SMA will be retested to see if it can be surpassed.
A break above the 21-day SMA could push the altcoin towards the next resistance at the 50-day SMA. Further upside to a high of $3,400 is plausible if the 50-day SMA is breached.
However, Ether may remain trading below the moving averages, potentially invalidating the bullish scenario. As of today, Ether has reached a high of $2,778.
Ethereum Indicator Analysis
The decline was halted at $2,600, but the price bars are fluctuating below the moving averages. On the 4-hour chart, the price bars hover around the moving average lines.
The ongoing consolidation below the moving averages may result in either a breakdown or a rebound.
Technical Indicators:
– Key Resistance Levels – $4,000 and $4,500
– Key Support Levels – $3,500 and $3,000
What’s Next for Ethereum?
Ethereum continues to oscillate between resistance at $2,800 and support at $2,600. The dominance of doji candlesticks indicates trader uncertainty regarding the market’s future direction.
Disclaimer: This analysis is the personal opinion of the author and not a recommendation to buy or sell cryptocurrency. Readers should conduct their research before investing.
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