Decline in Ethereum Risks Seen as Sharp Rejection Encountered at $3,500 😮

The Latest Updates on Ethereum Price Movement 📈

If you’ve been following the Ethereum price movement closely, you’ll be pleased to know that Ethereum is on the cusp of entering a positive trend zone. Just recently, on July 15, the altcoin surged to a peak of $3,500 before facing rejection, paving the way for an interesting journey ahead.

Examining Ethereum’s Price in the Long Term: A Bearish Outlook 📉

Currently, buyers are struggling to maintain the bullish momentum above the 50-day SMA resistance and the $3,500 mark. As of now, the bulls are in a tough battle to surpass the recent high, pushing the price of Ether to potentially hit $3,730 if they manage to keep it above the $3,500 resistance. However, if they fail to break through, a decline may be on the horizon, leading the largest altcoin to settle between the moving average lines.

An Overview of Ethereum Indicators 📊

The current scenario sees bullish efforts to breach the 50-day SMA barrier amid multiple retests of recent resistance levels. Ethereum’s price is currently oscillating between the moving average lines while waiting for a definitive break of the 21-day and 50-day SMAs to resume its upward trajectory.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $3,500 and $3,000

What Lies Ahead for Ethereum’s Trajectory? 🤔

A closer look at the 4-hour chart reveals Ethereum’s position above the 21-day SMA support but beneath the crucial $3,500 resistance threshold. The recent rebound above the 21-day SMA support signifies a temporary pause in the uptrend, with the selling pressure poised to intensify if the price dips below the moving average line.

The latest update on July 16 indicated that Ethereum’s price demonstrated resurgent momentum, breaching the 21-day SMA and peaking at $3,378.

Hot Take: Your Quick Recap on Ethereum’s Price Movement 🚀

In conclusion, as Ethereum continues to navigate through key resistance and support levels, the upcoming days will be crucial in determining its trajectory. Stay tuned for more updates on the dynamic movements of the second-largest cryptocurrency by market capitalization!