Decoding Ethereum Price Movement
As a crypto enthusiast, you must be closely monitoring the price movements of Ethereum. Let’s delve into the long-term analysis of Ethereum’s price and decipher the indicators to understand where it might be headed next.
Long-term Analysis of Ethereum Price: A Bearish Outlook
• Since July 8, buyers have been pushing the price higher, but faced a strong rejection at the 21-day SMA on July 11.
• If the bulls manage to break the 21-day SMA, the price could surge towards the 50-day SMA high at $3,500.
• The support at $2,850 has been a key level over the past three months, but a break below could lead to a drop below $2,200.
Analysis of Ethereum Indicators
• Moving average lines are currently horizontal indicating a range-bound movement.
• On the 4-hour chart, price bars are above the moving average lines, accompanied by doji candlesticks, slowing down the upward momentum.
Technical Indicators:
• Key resistance levels: $4,000 and $4,500
• Key support levels: $3,500 and $3,000
What Lies Ahead for Ethereum?
• Ethereum seems to have hit bearish exhaustion and is trading above the support level of $2,850.
• It is currently trading within a range and below its moving average lines, signaling uncertainty in the uptrend.
• The rejection on July 11 has put the crypto in a range-bound state for the coming days.
Previously, it was reported that the bulls have successfully defended the $2,815 support over the last three months.
Hot Take: Conclusion
As you track Ethereum’s price movements, keep a close eye on the crucial support and resistance levels. Analyzing the indicators can provide valuable insights into the potential direction of Ethereum’s price in the near future. Stay informed and make informed decisions as you navigate the exciting world of cryptocurrency!
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