Ethereum Holds Above $2,300, But Is Vulnerable To A Fall

Sep 12, 2024 at 13:19 // Price
Author
Coin Idol
Ether will continue its trading range above the $2,000 support but below the moving average lines

Ethereum (ETH) has held above the $2,300 support level and is now trading below the moving average lines. Ether is facing another rejection at the moving average lines.

Long-term analysis of the Ethereum price: bearish

The largest altcoin is vulnerable to a further decline, as the price indicator shows. During the price decline on August 5, a candlestick body tested the 78.6% Fibonacci retracement level, as reported by Coinidol.com previously. The largest altcoin will retest the Fibonacci extension if it breaks the current support at $2,099. ETH will fall but reverse at the 1,272 Fibonacci extension level or $1,638.41. 

However, if the $2,000 support holds, Ether will continue its trading range above the $2,000 support but below the moving average lines. Currently, Ether is worth $2,371.50.

Ethereum indicator analysis

On the 4-hour chart, the price bars are above the moving averages. The uptrend has stalled near the high of $2,400. The appearance of doji candlesticks casts doubt on the uptrend. The moving average lines have maintained their bearish crossover while Ether continues to fall.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

ETHUSD_(Daily Chart) – Sept. 12.jpg

What is the next direction for Ethereum?

After the price drop on September 6, Ethereum hit a low of $2,156 before recovering. The largest altcoin is trading above the support level of $2,200 but below the moving averages. The price movement has been stable due to the presence of indecisive candles with small bodies known as dojis.

ETHUSD_(4 hour Chart) – Sept.12.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.

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