The Price of Ethereum Continues to Recover
As the price of Ethereum (ETH) recovers, it is approaching the 21-day SMA while still below the moving average lines.
Long-term Analysis of Ethereum Price: Bearish ๐
Since the price dip on April 13, 2024, the bulls have been buying the dips and consolidating above the $2,900 support but below the 21-day SMA high or the $3,200 resistance level. On a positive note, Ether is retesting the 21-day SMA for the first time since the dip.
- The largest altcoin can advance to the high of the 50-day SMA or $3,488 if it surpasses the 21-day SMA.
- If the price breaks above the 50-day SMA, Ether may return to its previous high of $4,000.
- Ethereum will continue to rise below the moving average lines if it fails to break above them.
Analysis of Ethereum Indicators ๐
After the recent upward correction, the price bars on the 4-hour chart have risen above the moving average lines, indicating a potential rise in Etherโs price. However, the uptrend faces resistance at $3,200 and is hindered by the emergence of doji candlesticks.
Technical Indicators:
- Key resistance levels โ $4,000 and $4,500
- Key support levels โ $3,500 and $3,000
What is the Next Direction for Ethereum? ๐ค
Ethereum is currently trading sideways after the downtrend was halted above the $2,900 support. The cryptocurrency is facing rejection at $3,239, with doji candlesticks impeding any significant movement from its recent peak. As a result, Ether is likely to remain within a trading range in the coming days.
Hot Take: Ethereumโs Recovery Continues
As Ethereumโs price shows signs of recovery, it is crucial for traders to monitor key resistance and support levels to gauge the cryptocurrencyโs future movement. Stay informed about market trends and indicators to make informed decisions when trading Ethereum.
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