Long-term analysis of the Ethereum price: bearish
On January 30, 2024, buyers attempted to hold the price of Ethereum (ETH) above the moving average lines but were unsuccessful. The altcoin is currently trading in a limited range of $2,200 to $2,400. To start an uptrend, buyers need to keep the price above the moving average lines and the $2,400 resistance level. If the current support is lost, Ethereum may fall back to its previous low of $2,000.
Ethereum indicator analysis
Ether’s price bars are currently below the moving average lines, with the 50-day SMA acting as resistance. However, the moving average lines are pointing upwards, indicating a current uptrend. Ether is also in the overbought zone of the market.
Technical analysis
The key resistance levels for Ethereum are $2,200 and $2,400, while the key support levels are $1,800 and $1,600.
What is the next direction for Ethereum?
On the 4-hour chart, Ether is undergoing an upward correction and has reached a high of $2,391. It is currently under pressure as it approaches the resistance level of $2,400. Although it has slipped below the moving average lines, it is expected to return to its previous high.
Hot Take: The Future of Ethereum’s Price
Based on the long-term analysis and indicators for Ethereum’s price, it appears that a bearish trend may be forming. Buyers need to sustain the price above key levels to initiate an uptrend. However, if support is lost, Ethereum could experience a significant drop in value. Keep an eye on the moving average lines and key resistance levels to gauge the future direction of Ethereum’s price.
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