Ethereum Price Analysis
The latest price analysis of Ethereum (ETH) shows a breakdown after being trapped between moving average lines. The market is currently in a bearish trend, with the bears gaining control after breaking a critical support level at $3,400.
Long-term Analysis
The price battle between bulls and bears has resulted in the bears gaining the upper hand. This led to a drop in price below the moving average lines, hitting a low of $3,231 before seeing a slight correction to $3,431. However, the resistance at $3,400 and the 21-day SMA could determine the future direction of Ether’s price.
Technical Indicators
- Resistance levels are at $4,000 and $4,500.
- Support levels are at $3,500 and $3,000.
Ethereum Indicators Analysis
The price bars are currently below the 21-day SMA and the 50-day SMA, signaling a bearish trend. Additionally, the moving average lines on the 4-hour chart show a bearish crossover, further supporting the bearish outlook for Ethereum.
Future Direction of Ethereum
On the 4-hour chart, Ethereum remains below the moving average lines, indicating a downtrend. The recent price range of $3,200 to $3,400 has been broken, with Ether now facing resistance at the upper limit. Failure to break above $3,400 could lead to a further decline in price.
Key Takeaways
Recent price analysis shows a bearish trend for Ethereum, with resistance at $3,400 and support at $3,000. The moving average lines confirm a bearish outlook, with potential for a further decline in price. Traders should monitor key resistance and support levels for potential trading opportunities.
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