The price of Ethereum (ETH) has found support at $2,850 and has fallen below the resistance of the 21-day SMA or high at $3,200. Price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bearish
Since July 8, buyers have moved steadily higher. On July 11, the cryptocurrency saw a strong rejection at the 21-day SMA, leading to a long candlewick.
If the bulls break the 21-day SMA, the bullish momentum will continue to the 50-day SMA high or the resistance at $3,500. Currently, the upside has stalled in the middle of the price range or above the $3,100 support.
On the downside, the bulls have successfully defended support at $2,850 over the last three months. However, a break below the current support level will cause Ether to fall below the $2,200 level.
Analysis of the Ethereum indicators
The moving average lines are horizontal as the cryptocurrency moves within a certain range. On the 4-hour chart, the price bars are above the moving average lines, accompanied by doji candlesticks. The candlesticks with small bodies slowed down the price movement. The upward trend was slowed down by the resistance at $3,200.
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?
Ethereum has reached bearish exhaustion and is trading above the current support level of $2,850. The largest altcoin is trading in a range and below its moving average lines. The uptrend is uncertain due to the rejection on July 11. The crypto signal will remain range-bound for a few days.
Coinidol.com reported previously that the bulls have held the current support at $2,815 for the last three months.
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.
