The Price of Ethereum (ETH) is Facing Rejection at Moving Averages
You have noticed that the price of Ethereum (ETH) has been dropping recently as it faces rejection at the moving average lines. It is essential to analyze the current situation to determine the next steps in your investment strategy.
Analyzing the Long-term Trends of Ethereum Price: Bearish Outlook
On July 29, there was an attempt by buyers to keep the price above the moving average lines, but unfortunately, they were unsuccessful. As a result, Ether is on a downward trend and is nearing the support level at $3,093.
- Currently, the altcoin has dropped to a low of $3,172.
- If the bears manage to break the support level at $3,093, Ether could fall further to its previous low of $2,850.
- On the other hand, if the support at $3,093 holds, Ethereum will likely move in a sideways pattern above the support and below the moving average lines for some time.
Evaluating Ethereum Indicators
Looking at the price bars, they are still below the moving average lines following the recent rejection. The horizontal position of the moving average lines indicates a sideways movement, with the price showing small bodies and indecisive candles.
Technical Indicators:
- Key Resistance Levels – $4,000 and $4,500
- Key Support Levels – $3,500 and $3,000
Predicting the Future Movement of Ethereum
Ethereum has been trading within a range of $3,086 to $3,400 since July 25. It has found some stability above the $3,100 support level during this period, waiting for a breakout to establish a new trend based on breached levels of support and resistance.
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