Ether Price Recovers, But Faces The $4,000 Barrier

Mar 17, 2024 at 14:52 // Price
Coin Idol

The price of Ethereum (ETH) is falling between moving average lines after hitting resistance at $4,082.

Long-term analysis of the Ethereum price: bearish

Since March 8, buyers have made several attempts to keep the price above the psychological $4,000 level, as reported by On the downside, the decline has slowed above the $3,400 support. However, if the bears break below the $3,400 support, the altcoin will drop to a floor above the 50-day SMA or the $3,050 level. However, if the bulls break above the 21-day SMA, Ether will resume its uptrend. The positive momentum will continue to the previous high.

If the bulls break through the psychological $4,000 level, Ether will start its second uptrend. Ether will see an initial rise to a high of $4,300. In the meantime, Ether is trading at $3,589 at the time of writing.

Ethereum indicator analysis

Ethereum's price movement has been constrained by its positioning within the moving average lines. The altcoin is below the 21-day SMA but above the 50-day SMA. Once the moving average lines are broken, Ether will develop a new trend. On the 4-hour chart, the price bars have fallen dramatically below the moving averages.

Technical indicators:

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

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

ETHUSD_(Daily Chart) –March 17.jpg

What is the next direction for Ethereum?

Ethereum is currently falling below the moving average line on the 4-hour chart. The largest altcoin is trading above $3,400, with $4,000 serving as resistance. On March 5, the price of the cryptocurrency breached the current support level of $3,400, but the bulls bought the dips. Today, Ether has regained its positive momentum and is rising.

ETHUSD_(4-hour Chart) – March 17.jpg

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

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