The Price of Ethereum Coin Fluctuating Below $2,800 Resistance Level
The price of Ethereum (ETH) has reached a high of $2,858 on February 15, 2024, but has experienced a slight decline in the last 48 hours. It is currently valued at $2,784. As long as it remains above the current support level, Ethereum is expected to continue its positive trend and potentially reach $3,000. However, if the bears break through the $2,700 support, the upside scenario would be disrupted and Ethereum could fall to its previous low above the 21-day SMA at $2,470.
Analysis of Ethereum Indicators
The moving average lines are leaning north but remain below the price bars. As long as the price bars stay above the moving average lines, Ethereum will likely continue to rise. A bullish crossover occurs when the 21-day SMA crosses above the 50-day SMA, indicating bullish order signals for traders.
Technical Indicators:
Key resistance levels: $2,600 and $2,800
Key support levels: $2,400 and $2,200
What’s Next for Ethereum?
Ethereum is currently in a gentle uptrend but trading below the $2,800 resistance level. It has pulled back above the 21-day SMA, suggesting that buyers are trying to resume the bullish momentum. However, if the bears break below the 21-day SMA, there is a risk of Ethereum falling to its previous low. For now, the cryptocurrency remains above the 21-day SMA support.
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