Ethereum Oscillates Above The $2,500 Support Level

The price of Ethereum (ETH) is stabilizing above the $2,500 support level after falling on February 7.

Long-term analysis of the Ethereum price: fluctuation range

The largest altcoin is below the moving average lines but above the $2,500 support. 

However, Ether's growth was halted below the $2,800 peak. If the $2,800 threshold is broken, the altcoin will rise. Ether is expected to reach a high of $3,400. Ether is consolidating on the downside, and the decline has been halted above the $2,500 support. Ether will fall back to the previous low of $2,100 if the existing support is broken. Ether's current value is $2,664.

Ethereum indicator analysis

The crypto price bars are below the moving average lines and consolidating above the current support. Selling pressure has weakened above the $2,500 support. 

The altcoin is being forced into a range-bound move as the crypto price is between the moving average lines on the 4-hour chart. The price movement can also be described by doji candlesticks slowing it down.

Technical indicators:

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

What is the next direction for Ethereum?

Ethereum is moving sideways between the price levels of $2,500 and $2,900 on the 4-hour chart. The price of cryptocurrencies is oscillating between the moving average lines. The development of doji candlesticks has limited price volatility. Ether is currently testing the $2,500 support level again.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.