The price of Ethereum has fallen sharply and has broken through the important $2,000 mark.
Ethereum price long-term analysis: bearish
After the price drop on March 10, Ether’s downtrend has eased, as reported by Coinidol.com. The largest altcoin moved in a range after falling to $1,889, its lowest point. Ether has been trading above support at $1,800 for a week, but below resistance/moving average lines at $1,950. Doji candlesticks have slowed and limited price movement.
Ether is rising today as it approaches the $2,000 peak and if it breaks above the 21-day SMA, it will move back in a positive direction. If the largest altcoin is unable to rise above the $2,000 level, it will continue to fluctuate.
Analysis of the Ethereum indicator
The price bars are below the moving average lines, which have dropped significantly. The price bars on the 4-hour chart are between the horizontal moving average lines. The doji candlesticks dominate the price action and slow down the price movement.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next direction for Ethereum?
Although the price is correcting upwards, Ether is stabilizing above the $1,800 support. The price has settled between the moving average lines on the 4-hour chart.
Since Ether is stuck between the moving average lines, it will probably be compelled to keep moving in a range-bound direction.
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.
