The price of Ethereum (ETH) continues to rise, hitting $3,800
The price of Ethereum (ETH) has been on an upward trend, with the altcoin surpassing the $3,800 mark. However, it has faced resistance near the $4,000 level and the 21-day Simple Moving Average (SMA). Currently, Ethereum is valued at $3,909.
Ethereumโs long-term analysis: Bullish
Despite reaching overbought levels and encountering resistance, Ethereumโs price has remained bullish. If the bears break the 21-day SMA or the support at $3,800, the cryptocurrency could continue to fall and reach a low of $3,600.
Analyzing Ethereumโs indicators
The market is currently in the overbought zone as the price bars are above and near the 21-day SMA. However, indecisive doji candlesticks have appeared, indicating a phase of hesitation among traders.
Technical indicators for Ethereum
- Key resistance levels: $4,000 and $4,500
- Key support levels: $3,500 and $3,000
Whatโs next for Ethereum?
Ethereum is currently trading within a narrow range after hitting a high of $4,000. The altcoin has consolidated above its current support level but is at risk of falling below the 21-day SMA. A break below this level would give the bears an advantage.
Hot Take: Ethereumโs price faces resistance but remains bullish
Ethereumโs price has been steadily rising, surpassing the $3,800 mark. However, it has faced resistance near $4,000 and the 21-day SMA. The altcoin is currently valued at $3,909. Despite reaching overbought levels and encountering resistance, Ethereumโs long-term analysis remains bullish. If the bears break key support levels, the cryptocurrency could continue to fall. Technical indicators show that Ethereum is trading within a narrow range and could potentially fall below the 21-day SMA. Traders should closely monitor these indicators to determine the next direction for Ethereum.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.