Ethereum Consolidates Above $3,300 And Attempts To Start A Rally

Jun 29, 2024 at 21:03 // Price
Coin Idol

The price of Ethereum (ETH) fell below the moving average lines and reached a low of $3,231 on June 24. Price analysis by

Long-term analysis of the Ethereum price: bearish

Bulls took advantage of the dips and forced Ether to trade in a range over the last 48 hours. Ether is currently trading above $3,200 and below the moving average lines. On June 27, buyers tried to push the price above the moving average lines but failed to do so. The crypto price is currently trading in a narrow range.

If the Ether price recovers, it will rise above the moving average lines. The bullish momentum will continue to the high of $3,730. If the bears break the support at $3,200, Ether will return to the psychological price barrier of $3,000.

Analysis of the Ethereum indicators

Ether price bars are settling below the moving average lines. The altcoin will fall if it is rejected at its recent high. The price of Ether could fall as it is in a downtrend. Doji candlesticks are forming as the cryptocurrency continues to consolidate.

Technical indicators:

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

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

ETHUSD_(Daily Chart) – June 28.jpg

What is the next direction for Ethereum?

On the 4-hour chart, Ether is trading between the price range of $3,240 and $3,460. The bulls are retesting the barrier and trying to continue the uptrend. The 50-day SMA and resistance at $3,470 have slowed the upward momentum. The choppy movement will continue for a few more days.

ETHUSD_(4-hour Chart) – June reported in June 27 that after a two-week price battle, the bears have gained the upper hand after breaking the 50-day SMA or the critical support at $3,400.  

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.

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