The Price of Ethereum Falls Below Moving Average Lines
The price of Ethereum (ETH) has dropped below the 21-day Simple Moving Average (SMA), but it is still above the 50-day SMA. At the time of writing, ETH has fallen to a low of $2,237 and is expected to find support above the 50-day SMA.
Ethereum’s Long-Term Analysis: Bearish Outlook
Ethereum has been moving between the moving average lines, indicating a sideways movement in the cryptocurrency market. However, if the altcoin falls below the moving average lines, it may extend its downside momentum and find support above $2,200. This would cause Ethereum to oscillate between the moving average lines.
Analysis of Ethereum Indicator
Based on the current movement, it is likely that Ethereum will continue to experience a sideways trend. However, if the moving average lines are broken, this sideways movement may come to an end. On the 4-hour chart, the price bars are currently below the downward moving average lines.
Technical Indicators for Ethereum
Key resistance levels for ETH are $2,200 and $2,400, while key support levels are $1,800 and $1,600.
What’s Next for Ethereum?
The 4-hour chart for Ethereum indicates a negative swing. The recent correction suggests that ETH may fall to the 2.0 level of the Fibonacci extension or around $2,252.80. Currently, Ethereum has dropped to $2,377 as it approaches this target price.
Previously, it was reported that Ethereum has been in a sideways movement between $2,400 and $2,600 over the last week.
Hot Take: Ethereum’s Price Drops Below Moving Average Lines
The price of Ethereum has fallen below the 21-day SMA, signaling a bearish outlook for the cryptocurrency. However, it is still above the 50-day SMA, indicating potential support. The current sideways movement between the moving average lines suggests that Ethereum may continue to oscillate in the near term. Traders should keep an eye on key resistance and support levels to determine the next direction for ETH.
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