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The price of Ethereum (ETH) has fallen below the 21-day moving average line. Price analysis by Coinidol.com.
Ethereum price long-term analysis: ranging
Ether fell as buyers failed to sustain the bullish momentum above the $2,800 resistance and the 50-day SMA. A break above the 50-day SMA would have put the altcoin in an uptrend.
However, a break below the 21-day SMA support indicates a possible decline or resumption of the sideways trend. Ether is trading above support at $2,200 and resistance at $2,800. Today, Ether is rallying after hitting a low of $2,700.
On the downside, ETH will continue to face selling pressure if it falls below the previous low of $2,200. The altcoin will revisit its previous lows of $2,116 and $2,000.
Ethereum indicator analysis
Ethereum price bars have fallen below the 21-day SMA support, suggesting that ETH could resume its downtrend. The moving average lines are trending downwards, indicating a current downtrend. On the weekly chart, the price bars are pushed back from the 50-day SMA, indicating a possible decline.
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 currently in a sideways trend and could fall even further. Ether is currently trading in the $2,200–$2,800 price range. On the daily chart, buyers were rejected three times when they tried to hold the price above the $2,800 mark. The altcoin is fluctuating in a range, waiting for the trend to be determined.
Coinidol.com reported on August 27 that Ether came back and reached a high of $2,800.
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.