Ethereum Stuck in a Standstill, Maintains Position Above $1,940

The Price of Ethereum Falls Below $2,131 Mark

The price of Ethereum (ETH) is falling after the altcoin failed to break through the $2,131 mark. The largest altcoin also failed to hold above the psychological price level of $2,000 per coin. Ether fell to a low of $1,940 before recovering. The bulls are stopping the decline above the 21-day SMA as the cryptocurrency rises above the moving average lines. On a positive note, Ether will continue its uptrend if it recovers above the current support, pushing the cryptocurrency back above the $2,000 mark. However, the bearish momentum will extend to a low above the 50-day simple moving average if the bears break below the 21-day SMA.

Technical Indicators

Key resistance levels – $1,800 and $2,000. Key support levels – $1,600 and $1,400.

Analysis of the Ethereum Indicators

The price bars on the 4-hour chart are below the moving average lines due to the recent decline, which might cause the altcoin to fall even further. On the other hand, the price bars on the daily chart are above the 21-day SMA, suggesting that the uptrend is still continuing, but will expire if the price falls below the 21-day SMA.

What is the Next Direction for Ethereum?

Ether’s decline has paused above the $1,940 support level. The largest altcoin is currently trading just below the psychological price level of $2,000, indicating a limited range with an expected breakout or breakdown.

According to previous analysis, Ether’s upswing was interrupted when the bears lost their potential below the psychological price threshold of $2,000.

Hot Take: Ethereum Price Analysis

The future direction of Ethereum’s price remains uncertain as the cryptocurrency struggles to maintain momentum above the critical $2,000 mark. Whether the bulls will succeed in pushing the price back above this level or if the bears will manage to break below the 21-day SMA remains to be seen. As the cryptocurrency market continues to be volatile, traders should remain cautious and closely monitor the price movements of Ethereum in the coming days.