Ethereum Slumps And Could Return To Its $3,000 Low

The latest price analysis by Coinidol.com report, the price of Ethereum (ETH) has slipped below its moving average lines.

Long-term analysis of the Ethereum price: bearish

The price of Ethereum (ETH) has slipped below its moving average lines. Buyers tried to hold the price above the 50-day SMA but were unsuccessful for the second time. The largest altcoin is currently trading below the 50-day SMA support. This is beneficial for the sellers as it will drive the price to the $3,000 support level. On December 23, the positive trend reversed and the altcoin came under selling pressure. On the downside, buyers are expected to hold the $3,000 support. If the current support at $3,000 holds, Ether will be forced to trade between $3,000 and $4,094. If buyers push the price above the 21-day SMA, the uptrend will resume. Ether will rise to its previous high of $4,094. At the time of writing, the Ether price stands at $3,393.

Ethereum indicator analysis

After the recent decline, the price of the cryptocurrency is now below the moving average lines. On the 4-hour chart, the price bars are between the moving average lines. This indicates that the price of the cryptocurrency is likely to move within a certain range. On December 20, a long candlestick tail points to the $3,000 support. This indicates that the $3,000 support is under significant pressure.

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?

Ether's slide came to an abrupt halt on December 20, but then reversed. The downtrend was halted by the 21-day SMA. The price of the cryptocurrency is currently above the 21-day SMA but below the 50-day SMA on the 4-hour chart. Ethereum is expected to trade between the $3,000 support and the moving average lines.

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.