Ethereum Drops As It Retests The Crucial $4,000 Support Level

The price of Ethereum is falling after hitting the $4,783.90 resistance level.

Ethereum price long-term analysis: bullish

The largest altcoin plunges towards the 21-day SMA support. Buyers were unable to sustain the positive momentum above the $4,800 high.

At the time of writing, Ether has fallen to a low of $4,177. On the downside, the negative momentum is likely to reach the low of $4,000 or the 21-day SMA support. If the largest altcoin retraces and stays above the 21-day SMA support, it will resume its uptrend. Ether will rise and exceed the USD 4,800 mark.

However, if the bears break below the 21-day SMA support, the downtrend will continue and Ether will fall to $3,400. In the meantime, the largest altcoin is trading above the 21-day SMA support but below the high of $4,800.

ETH price indicators analysis

The recent rejection has caused the price bars to retrace above the moving average lines. The current trend is indicated by the increasing slope of the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating that the cryptocurrency will continue to fall.

Technical Indicators:

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

Key Support Levels – $2.000 and $1,500

What is the next move for ETH?

Ethereum is in a downtrend and is falling below the moving average lines. In the meantime, the crypto signal is bearish, as the altcoin is rejected at the moving average lines of the 4-hour chart.

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.