Ethereum Collapses And Approaches The Low Of $3,231

Jul 04, 2024 at 11:59 // Price
Coin Idol

The latest price analysis by report, the price of Ethereum (ETH) has been falling after hitting its previous low of $3231 on July 4.

Long-term analysis of the Ethereum price: bearish

The largest altcoin is confined to a range below the moving average lines as it attempts to resume a positive trend. After the dip on June 24, bulls bought the dips and Ether traded between $3,300 and below the 21-day SMA. On July 1, the bulls pushed the cryptocurrency above the moving average lines but were met with strong rejection. Today, Ether is in a nosedive and reached a low of $3,294. The selling pressure will continue once the current support level of $3,231 is breached. Ether is likely to reach the $3,000 mark.

Analysis of the Ethereum indicators

Ether has two bearish signals indicating that it is now falling. Ether had a long candlewick on July 1, which was resisted by the 21-day SMA. Currently, the 21-day SMA has crossed below the 50-day SMA, signaling a bearish crossing. Ether has fallen sharply and will continue to fall.

ETHUSD_(Daily Chart) – July 4.24.png

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?

On the 4-hour chart, Ether is bearish and has reached a low of $3,251. On the downside, the altcoin is oscillating as the bears try to break the current support level of $3,231. Ethereum will fall to its low of $3,000 if it loses the current support. The choppy movement will continue above and below the moving average lines if the current support holds.

ETHUSD_(4-hour Chart) – July 4.24.png

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 Readers should do their research before investing in funds.

Show comments(0 comments)