The Latest Price Analysis of Ethereum
In the recent price analysis report, Ethereum (ETH) has been experiencing a decline after reaching a previous low of $3231 on July 4.
Long-term Ethereum Price Analysis: Bearish 📉
The largest altcoin, Ethereum, is currently trading below the moving average lines as it struggles to establish a positive trend. Following a dip on June 24, investors bought the dips and Ether has been trading between $3,300 and below the 21-day SMA. Despite a brief push above the moving average lines on July 1, the cryptocurrency faced strong resistance. As of today, Ether is on a downward trend and has reached a low of $3,294. If the current support level of $3,231 is broken, the selling pressure is likely to intensify, potentially pushing Ether towards the $3,000 mark.
Analysis of Ethereum Indicators 📊
Ethereum currently exhibits two bearish signals, suggesting a downward trend. A long candlewick on July 1 was rejected by the 21-day SMA, indicating resistance. Additionally, the 21-day SMA has crossed below the 50-day SMA, signaling a bearish crossover. With these indicators in play, Ethereum is expected to continue its descent.
Technical Indicators:
- Key resistance levels – $4,000 and $4,500
- Key support levels – $3,500 and $3,000
Future Outlook for Ethereum 🔮
As per the 4-hour chart, Ethereum is currently bearish and has dropped to $3,251. The altcoin is experiencing oscillations as bears attempt to breach the current support level of $3,231. A failure to hold this support level could lead Ethereum to drop further to $3,000. However, if the current support holds, the choppy movement is expected to continue above and below the moving average lines.
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