The price of Ethereum (ETH) has fallen below the moving average lines as buyers have failed to sustain positive momentum above the moving average lines or the $3,600 resistance level.
Long-term analysis of the Ethereum price: bearish
The largest altcoin is falling drastically below the moving average lines. The altcoin fell to $2,116 before recovering.
In the last 24 hours, the altcoin has been hovering above the $2,400 support level. It is correcting upwards, but the move could be rejected at its recent peak. According to price indicators, Ether is likely to fall further.
After the price drop on July 1, as reported by Coinidol.com, Ether corrected upwards and tested the 50% Fibonacci retracement line with a declining candlestick body. The upward correction suggests that ETH will fall to the 2.0 level of the Fibonacci extension or $1,678.88. The altcoin fell to a low of $2,116 but has recovered.
Ethereum indicator analysis
The price bars for Ether are below the moving average, indicating that the cryptocurrency will continue to fall. On the 4-hour chart, the moving average lines have a bearish crossover, indicating a bearish signal. The moving average lines are horizontal, indicating a sideways trend since March 11.
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?
Ether has fallen below the moving average lines but remains above the $2,400 support level. The largest altcoin is above the $2,400 support level but below the moving average lines.
The decline will continue if the current support level of $2,400 is exceeded. However, if the current support holds, the trend will continue within the trading range. In the meantime, Ether is at risk of a further slump.
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.
