Ethereum Price Bounces Above $3,400 But Holds Its Range

The price of Ethereum (ETH) has been trading in a narrow range between moving average lines for the past two weeks. Price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bearish

The largest altcoin has held solidly above the $3,400 support level, supported by the moving average lines.

Today, the price of Ether has fallen and is again testing the 50-day SMA. Ether could fall even lower to $3,000 or less if the bears break the 50-day SMA support. If the 50-day SMA support holds, the altcoin will remain in a rangebound trend. Ether will rally and retest its 21-day SMA resistance.

On the upside, the cryptocurrency will reach a high of $3,800 if the resistance level is broken. At the time of writing, the altcoin is valued at $3,488.

Analysis of the Ethereum indicator

Ether price is moving in a range as the price bars are trapped between the moving average lines. The altcoin is falling as the price of the cryptocurrency tests the 50-day SMA support for the third time. Currently, Ether is trading in a tight range above the 50-day SMA support. The altcoin will soon see a price dip or rise.

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?

The market direction for the largest altcoin is uncertain as the cryptocurrency is trapped between moving average lines. On the 4-hour chart, the altcoin is in a sideways trend, trading between $3,300 and $3,600. The price bars are below the moving average lines and Ether could continue its downtrend.

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 CoinIdol.com. Readers should do their research before investing in funds.