Ethereum Threatens Further Slumps At $3,600

Ethereum's (ETH) uptrend has ended as the price of the cryptocurrency falls below moving average lines.

Ethereum price long-term analysis: bearish

According to price analysis by Coinidol.com, the initial rejection at $4,084 prompted Ether to quickly fall below the moving averages. The bulls are holding the dip above the 50-day SMA support. The bulls bought the dips as the altcoin corrected higher. 

Ether peaked at $3,650 before being pushed back for the second time. The largest altcoin has slipped below the moving average lines and is trading at $3,326 at the time of writing. The largest altcoin is on the verge of further decline and remains below the moving average lines.

In the negative case, Ether will fall to its previous low of $3,063. However, if the altcoin recovers above the current level, the bulls might be able to stop the further decline. On the upside, a break of the moving average lines or the $3,600 resistance level would send Ether to its previous high of $4,000.

Analysis of the Ethereum  indicators

The largest altcoin is facing further price losses as the price bars are below the moving average lines. The 21-day and 50-day SMAs are sloping downwards, indicating a downturn. The price of Ether is falling as the altcoin enters the overbought zone of the market.

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

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

What is the next direction for Ethereum?

Ethereum has fallen below the moving average lines and entered the bearish trend zone. Unless there is a price breakout, the altcoin will most likely continue to decline. In the meantime, Ether is trading between $3,200 and $3,650. Ether is correcting upwards, but could encounter resistance near the moving average lines.

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.