Ethereum Price Slumps As Buyers Come Back Above $2,400

Ethereum's price has fallen below the 21-day SMA support for the third time.

Ethereum price long-term analysis: bullish

It falls as the largest altcoin attempts to break the $2,400 support and the 50-day moving average line. This is the fourth time that buyers have failed to keep the price above the $2,800 level.

Although the largest altcoin is above the 50-day SMA, it has fallen below the 21-day SMA support. Ether will fall further below the 50-day SMA support or the low at $2,320.

However, if the bears break the 50-day SMA support, Ether would retrace and hit the psychological price level of $2,000 again. At the time of writing, Ether is trading at $2,638.

ETH price indicators analysis

The largest altcoin is currently trading between the moving average lines after the recent decline. On June 13, a long candlestick tail broke through the $2,400 support level and the 21-day SMA. This shows that there is a lot of buying pressure above the $2,400 level. If the 50-day SMA support is broken, the altcoin will fall but if the its is maintained, the altcoin will start to rise.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500

Key Support Levels – $2.000 and $1,500

What is the next direction for Ethereum?

Despite its downtrend, Ether has managed to hold above the $2,400 support level. The bulls have been holding on to the $2,400 support level since May 10, as reported by Coinidol.com. If the bulls stop the fall above the $2,400 support, the sideways trend will strengthen.

Now that the altcoin is trading above the current support, the selling pressure has eased.

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.