The worth of Ethereum (ETH) has continued its sideways motion above $2,600 because the restoration on February 3.
Ethereum value long-term evaluation: bearish
The worth is shifting between the assist at $2,600 and under the shifting common strains or resistance at $2,800. Neither the bears nor the bulls are in charge of the worth.
On February 17 and 21, for instance, Ether got here underneath promoting strain at increased value ranges. The bulls purchased the dips, however Ether fell to the present assist. The 21-day SMA shall be retested by the cryptocurrency value to surpass it.
A break above the 21-day SMA will push the altcoin to succeed in the following resistance on the 50-day SMA. Additional upside to the excessive of $3,400 is feasible if the 50-day SMA is breached.
Nevertheless, Ether might proceed its buying and selling vary under the shifting common, invalidating the bullish situation. Right this moment, Ether has reached a excessive of $2,778.
Ethereum indicator evaluation
The decline was halted at $2,600, however the value bars are consolidating under the shifting common strains. The worth bars on the 4-hour chart are above and under the shifting common strains.
Nevertheless, the consolidation under the shifting common strains will result in a breakdown or a rebound.
Technical Indicators:
Key Resistance Ranges – $4,000 and $4,500
Key Help Ranges – $3.500 and $3,000
What’s subsequent for Ethereum?
Ethereum has continued its oscillation between the resistance at $2,800 and the assist at $2,600. As a result of dominance of doji candlesticks, Ether is now confined to its small vary. The Doji candlesticks present the uncertainty of merchants concerning the additional course of the market.
Disclaimer. This evaluation and forecast are the non-public opinions of the creator. They don’t seem to be a suggestion to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by CoinIdol.com. Readers ought to do their analysis earlier than investing in funds.
