The Price of Ethereum (ETH) Falls Below $2,131 Mark
The price of Ethereum (ETH) is sliding after the altcoin failed to break through the $2,131 mark. The largest altcoin likewise failed to hold over 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 over the 21-day SMA as the digital currency rises over the moving average lines. On a positive note, Ether will continue its uptrend if it recovers over the present support, pushing the digital currency back over the $2,000 mark. Nonetheless, the bearish momentum will extend to a low over the 50-day simple moving average if the bears break below the 21-day SMA.
Key resistance levels – $1,800 and $2,000. Key support levels – $1,600 and $1,400.
Analysis of the Ethereum (ETH) Indicators
The price bars on the 4-hour chart are below the moving average lines due to the recent decline, which may cause the altcoin to fall even further. On the other hand, the price bars on the daily chart are over 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 over the $1,940 level of support. The largest altcoin is as of now 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 probable below the psychological price threshold of $2,000.
Hot Take: Ethereum (ETH) Price Analysis
The future direction of Ethereum’s price remains uncertain as the digital currency struggles to sustain momentum over the critical $2,000 mark. Whether the bulls will succeed in pushing the price back over this level or if the bears will manage to break below the 21-day SMA remains to be seen. As the digital currency market continues to be volatile, traders should remain cautious and closely monitor the price movements of Ethereum (ETH) in the coming days.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.