Ethereum Slips Above $3,400 After Resuming Uptrend

Apr 09, 2024 at 08:53 // Price
Coin Idol

Ethereum (ETH) has been trading just above the support level of $3,200 since April 2, 2024, but below the moving average lines. Price analysis by

Long-term analysis of the Ethereum price: bearish

On April 7, the largest altcoin rose above the current support level of $3,200 but failed to break above the moving average lines.

If buyers are successful, the uptrend will continue to the high of $4,000. However, Ether is on the decline as buyers struggle to keep the price above the moving average lines. If the selling pressure continues, Ether will fall back to its current support level of $3,200.

The altcoin will rise above the current support and fall below the moving average lines. However, the largest altcoin will fall further if it loses the current support of $3,200. Ether will test the previous low of $3,063. In the meantime, Ether is currently worth $3,424.

Analysis of the Ethereum indicators

The moving average lines have rejected Ether's price bars as the altcoin continues to fall below them. On the 4-hour chart, the price bars are above the moving averages. The price of the cryptocurrency is falling back due to the rejection of the previous high.

Technical indicators:

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

ETHUSD_(Daily Chart) –April 7.jpg

What is the next direction for Ethereum?

The largest altcoin is likely to fall as it trades below the moving average lines. Ether's price has been fluctuating between the moving average lines and the support level of $3,200 over the past week. Once the current level is broken, the altcoin will resume its trend. In the meantime, Ether is falling back to lower price levels.

ETHUSD_( 4-hour Chart) –April 7.jpg

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 Readers should do their research before investing in funds.

Show comments(0 comments)