Ethereum Price Analysis: What to Expect Next for ETH?
Ethereum’s price has experienced two rallies recently, but it has not yet breached the 21-day SMA or the $3,040 barrier. Let’s delve into the details of the long-term analysis and indicators to understand where Ethereum might be headed next.
Negative Long-term Analysis of Ethereum Price 📉
- Ethereum is range-bound and below moving average lines, unlike Bitcoin, which poses a bearish trend threat.
- Buyers recently pushed Ether to the 21-day SMA high, but failed to break through the resistance line.
- If Ether is rejected by the 21-day SMA resistance line, it could fall back to its previous low or current support level.
Indicators: A Closer Look at Ethereum 📊
The price bars of Ethereum are still below moving average lines, indicating a downtrend. However, on the 4-hour chart, the price bars are showing growth, with resistance at $3,000 limiting Ether’s upward movement.
Key Technical Indicators for Ethereum:
- Key resistance levels: $4,000 and $4,500
- Key support levels: $3,500 and $3,000
What’s the Next Move for Ethereum?
Despite the recent rally attempts, Ethereum is still below the 21-day SMA resistance line. Currently trading between $2,850 and $3,000, Ether’s future direction will depend on breaking the $3,000 hurdle or facing a downtrend if buyers fail to sustain the price above the moving average lines.
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