The Price of Ethereum (ETH) Continues to Trade in an Uptrend Zone
The price of Ethereum (ETH) is still trading in the uptrend zone and remains above the moving average lines. Buyers were able to break through the $2,400 level but couldn’t sustain their bullish momentum beyond the $2,520 resistance level. However, if ETH falls back and holds above the $2,400 support, the uptrend will resume and Ether will rise to its previous high of $2,700. On the other hand, if it breaks through the $2,400 support, Ether will fall back to $2,340, its previous low.
Analysis of Ethereum Indicators
Looking at the 4-hour chart, Ether’s price bars are below the 21-day SMA, indicating that the cryptocurrency will continue to fall. The decline is expected to continue towards the previous low above the 50-day SMA. Currently, Ether is between the moving average lines, suggesting a possible fluctuation in its value.
Technical Indicators
Key resistance levels for Ethereum are $2,400 and $2,600, while key support levels are $2,200 and $2,000.
The Next Direction for Ethereum
Bearish momentum has faded as Ether moves above current support. Although it failed to maintain positive momentum after reaching a high of $2,540 on February 11, Ether has managed to stay above the historical resistance level of $2,540 since January 15. However, it is expected to move sideways and hold the existing support level between $2,400 and $2,600.
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