Ethereum Stalls Above The Key Support Of $2,400

Ethereum has maintained its uptrend above the moving average lines.

Ethereum price long-term analysis: bullish

The largest altcoin remains stuck at the $2,700 level. Price action remained confined to the barrier at $2,700 and above the 21-day SMA support or low at $2,400 since May 13.

Twice, buyers were rebuffed when they tried to lift the price above the $2,700 level. Ether price has held steady above the $2,400 support today. If buyers break through the $2,700 barrier, Ethereum is expected to rise to the next resistance at $3,000. Ether will fall above the psychological price of $2,000 or the 50-day SMA. 

Meanwhile, Ether is worth $2,546.90 at the time of writing.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $2.000 and $1,500

Analysis of Ethereum pice indicators

Ether has been trading above the moving average lines since May 1, as reported by Coinidol.com. The 21-day SMA is above the 50-day SMA and the moving average lines are sloping upwards. The $2,700 level is where the bullish signal has stalled. The moving average lines on the 4-hour chart are horizontal as the uptrend has stalled.

What is the next direction for Ethereum?

Ethereum is now in a horizontal trend as the upswing has ended. The altcoin is trading within a range as doji candlesticks return. Traders are unsure of what's next for the cryptocurrency.

On the 4-hour chart, Ether is consolidating in the middle of its trading range between $2,400 and $2,700. The price is stagnating above the $2,500 support level.

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.