The Price of Ethereum (ETH) Indicates Bearish Long-Term Analysis
The price of Ethereum (ETH) has been within a range following its recovery from the plummet on August 5. While selling pressure has decreased, the altcoin is maintaining its position above the $2,200 support level and below the moving average lines.
Resistance at $2,800 Hinders Upside Movement
- The altcoin is struggling to move above $2,800 or the 21-day SMA, indicating a potential downward trend.
- Currently, Ethereum is hovering around the $2,600 support level, showing signs of a possible retreat.
- If Ether fails to hold the current support of $2,200, it could drop to $2,000 and $1,674 levels.
- At the time of writing, Ether’s price stands at $2,658.
Ethereum Analysis Based on Indicators
The price of Ether is declining after facing resistance at $2,800, with price bars below the moving average lines, indicating a potential further decline for the cryptocurrency. The elongated candlestick tail is pointing towards the $2,000 support level, highlighting significant buying interest at current price levels.
Technical Indicators:
- Key Resistance Levels – $4,000 and $4,500
- Key Support Levels – $3,500 and $3,000
What’s the Next Move for Ethereum?
Ether continues its downward trajectory after hitting a new high, maintaining a price range between $2,200 and $2,800. The altcoin is currently trending towards the lower end of the price range and could further depreciate if bears breach the $2,200 support level, potentially retesting the previous low of $2,000 or lower.
Previously, Ether’s price was fluctuating between $2,200 and $2,800, as reported on August 10.
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