Ethereum Holds Above $3,000 As Traders Dispute The Market Trend

Apr 18, 2024 at 23:50 // Price
Coin Idol

The price of Ethereum (ETH) has fallen below the moving average lines but remains above the $3,000 support.

Long-term analysis of the Ethereum price: bearish

Since the price drop on April 13, 2024, the largest altcoin has been trading above the $2,800 support but below the moving average lines or resistance at $3,200. Bulls and bears are at odds over the direction of the market.

On April 13, the bears planned to dump Ether when it fell to a low of $2,848. Ether would have fallen to a low of $2,700. Nevertheless, the bulls bought the dips and pushed Ether above the $3,000 support level. ETH/USD is currently worth $3,020.

Analysis of the Ethereum indicators

Ether's price bars are below both the 21-day and 50-day SMA, with the 21-day SMA acting as resistance. The altcoin will regain its bullish momentum if the bulls break above the 21-day SMA. The emergence of Dojt candlesticks has led to a marginal price movement.

Technical indicators:

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

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

ETHUSD_(Daily Chart) –April 17.jpg

What is the next direction for Ethereum?

The largest altcoin is in a downtrend but fluctuating within a range. The downtrend has weakened and Ether is trading between $2,800 and $3,600. However, the upward movement continues to be hindered by resistance at $3,200. The 21-day simple moving average has narrowed the current price range.

ETHUSD_( 4-hour Chart) –April 17.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.

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