Ethereum Price Long-Term Analysis: Fluctuation Range
After experiencing a price drop on January 3, the price of Ethereum (ETH) fell below the moving average lines but failed to recover above the 21-day SMA. Since January 4, ETH has been trading between the moving average lines. The resistance at $2,300 is currently preventing an uptrend. If the moving average lines are broken, ETH will establish a new trend. For instance, a downtrend will resume if the bears break below the 50-day SMA and maintain negative momentum. Currently, ETH’s market value stands at $2,229.50.
Analysis of the Ethereum Indicators
The price bars on the 4-hour chart remain below the moving average lines, with resistance at $2,230 limiting upward movement. On the daily chart, ETH’s price bars are located between the moving average lines, indicating that it will continue to fluctuate for a few more days.
Technical Indicators:
Key resistance levels for ETH are $2,200 and $2,400, while key support levels are $1,800 and $1,600.
What is the Next Direction for Ethereum?
Ethereum is currently trapped between the moving average lines. The bulls have successfully defended the 50-day SMA and current support levels against bearish attempts to break them. The doji candle indicates limited price action on either side of the moving average lines. Previously, ETH experienced a dip to $2,097 on January 3 but has since recovered to $2,249.50.
Hot Take: Ethereum’s Price Analysis
The price of Ethereum has been fluctuating within a range between the moving average lines. The resistance at $2,300 is preventing an uptrend, while the bulls are defending the 50-day SMA and current support levels. ETH’s price bars indicate continued fluctuation for the next few days. Key resistance levels are $2,200 and $2,400, while key support levels are $1,800 and $1,600. Overall, Ethereum’s next direction remains uncertain as it remains within the range and experiences limited price action.
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