The price of Ethereum (ETH) has dropped below the moving average lines but remains above the $2,168 support.
Long-term analysis of the Ethereum price: bearish
The current support level of $2,168 has been defended by buyers since December 12, 2023. Despite a recent price drop on January 23, 2024, the altcoin has continued to trade above this support. Currently, selling pressure has eased and Ether is valued at $2,246.
However, there is significant buying pressure at lower price levels which makes further declines unlikely. The candlesticks with extended tails indicate strong support. If the current support holds, Ether is expected to trade between $2,160 and $2,400.
Ethereum indicator analysis
The price bars for Ether are below the moving average lines, indicating bearish exhaustion. However, there have been instances where Ether bounces above the current support with long tails. The daily chart shows that the moving average lines are still sloping upwards.
Technical indicators:
Key resistance levels – $2,200 and $2,400
Key support levels – $1,800 and $1,600
What is the next direction for Ethereum?
On the 4-hour chart, Ether has found support above the $2,160 level after a decline. It is currently consolidating above this support and has risen above the 21-day SMA but remains below the 50-day SMA. The cryptocurrency is likely to fluctuate within this range until a pattern emerges.
It was previously reported that Ethereum had fallen to a low of $2,237.
Hot Take: Ethereum’s Price Drops Below Moving Average Lines, But Support Holds
The price of Ethereum has fallen below the moving average lines, indicating bearish exhaustion. However, it remains above the $2,168 support level. Despite recent selling pressure, strong support at lower price levels makes further declines unlikely. Ether is currently expected to trade between $2,160 and $2,400 if the current support holds. Technical indicators show key resistance levels at $2,200 and $2,400, and key support levels at $1,800 and $1,600. On the 4-hour chart, Ether has found support above $2,160 and is consolidating back above it. The cryptocurrency is likely to fluctuate within this range until a pattern emerges.
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