Ethereum price breaks $3,400 barrier and holds strong 💸🚀

Analysis of Ethereum Price: What You Need to Know

Ethereum (ETH) has been trading within a narrow range between moving average lines for the past two weeks.

Long-term Analysis of Ethereum Price: A Bearish Outlook

The largest altcoin, Ethereum, has remained above the $3,400 support level, supported by moving average lines.

If the bears break the 50-day SMA support, Ethereum could potentially drop to $3,000 or even lower.
Alternatively, if the 50-day SMA support holds, the altcoin will likely continue its rangebound trend and may rally to retest the 21-day SMA resistance.

Analysis of Ethereum Indicator

Ethereum’s price bars are currently trapped between moving average lines, indicating a rangebound movement.

With Ethereum testing the 50-day SMA support for the third time, the altcoin is trading in a tight range above this level, hinting at a possible price dip or rise.

Technical Indicators:

Key resistance levels: $4,000 and $4,500
Key support levels: $3,500 and $3,000

What’s the Next Move for Ethereum?

Amidst the uncertainty in market direction, Ethereum remains trapped between moving average lines.

On the 4-hour chart, Ethereum is in a sideways trend, oscillating between $3,300 and $3,600.
With the price bars currently below moving average lines, Ethereum’s downtrend may continue in the short term.

Hot Take: Your Key Takeaways on Ethereum’s Price Outlook

Keep a close eye on Ethereum’s price movements as it navigates between support and resistance levels, indicating a potential shift in market sentiment.