Ethereum Hits $3,600 As Traders Continue The Price War But Fails To Hold It

Apr 01, 2024 at 17:02 // Price
Coin Idol

The price of Ethereum (ETH) has fallen between the moving average lines since March 19, 2024.

Long-term analysis of the Ethereum price: bearish

Bulls and bears have been battling over price action over the past week to determine the direction of the market. The bulls are struggling to break above the 21-day SMA after stopping the decline above the 50-day SMA. Currently, the largest altcoin is worth $3,440.

If the bulls manage to keep Ethereum above the 21-day SMA, it will rise. The positive trend will continue up to the previous high of $4,100. Ether's price will continue to fluctuate if buyers fail to keep it above the 21-day moving average.

However, if the bears break the 50-day SMA support, the selling pressure on Ether will continue. Ether will then fall to a level above the $3,000 mark.

Analysis of the Ethereum  indicators

Buyers are trying to break the 21-day SMA, but Ether's price bars are still stuck between the moving average lines. The 4-hour chart shows price bars above the horizontal moving average lines, indicating a sideways trend. Ether is rising but is being pushed back from the $3,700 resistance zone.

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

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

ETHUSD_(Daily Chart) –March 31.jpg

What is the next direction for Ethereum?

Ethereum remains trapped between the moving average lines. Breaking the moving average lines will indicate the direction of the market. On the 4-hour chart, the price of Ether is moving between $3,280 and $3,700. Today, buyers are trying to break above the $3,600 resistance level. Once the resistance is broken, the altcoin will trend upwards.

ETHUSD_(4-hour Chart) –March 31.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)