Ethereum Is Above $3,700 But Struggles With The Resistance

The price of Ethereum (ETH) is currently in a sideways trend after the uptrend ended on May 21. Price analysis of Ethereum coin by Coinidol.com.

Long-term analysis of the Ethereum price: bullish

The price of the cryptocurrency was halted at the resistance levels of $3,800 and $3,900. The bullish rise was fended off at the high of $3,900. The largest altcoin declined and found support above the $3,700 support. In other words, Ethereum is trading above the $3,700 support but below the $4,000 level. The current sideways movement is an anticipation of a possible bounce or breakdown.

On the upside, the market will rise to $4,800 if buyers break above the high of $4,000. On the other hand, if the bears break the current support at $3,700, Ether will fall to a low of $3,400. In the meantime, Ether is currently worth $3,779.

Analysis of the Ethereum  indicators

The price bars for Ether are in a range and remain above the moving average line. On May 23, bulls and bears battled over the price level. The bulls had previously driven the price to a high of $3,944 before the bears pushed it down to $3,529. However, Ether closed the day at $3,787, with the key support level currently at $3,700.

Technical indicators:

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

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

What is the next direction for Ethereum?

The 4-hour chart shows that Ether is in a sideways trend. After reaching the resistance zone, the price bars have fallen below the moving average lines. The price of the cryptocurrency is rejected near the resistance level of $3,800. The uptrend will kick in once buyers sustain the price above the $3,800 level. If the altcoin fails to hold its recent high, selling pressure will increase again.

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 CoinIdol.com. Readers should do their research before investing in funds.