Ethereum (ETH) has fallen below the moving average after experiencing selling pressure near the $2,800 high.
Long-term analysis of Ethereum price: bearish
The largest altcoins have returned to the $2,200 to $2,800 price range. The bears maintained their lead as Ether fell further below the moving averages.
On October 25th, Ether fell to a low of $2,380 before recovering. Altcoins are facing another rally at their recent highs and are falling again. If Ethereum loses the critical support at $2,300, it will return to its previous low of $2,200, but while the altcoin remains above the $2,300 support, it remains below the critical support moving average. are traded. The largest altcoin is currently worth $2,476 after its recent drop.
Analysis of Ethereum indicators
The price bar is below the moving average. However, the development of the Doji candlestick could prevent further declines. Coinidol.com reports that since August 5, Ether has been trading between $2,200 and $2,800, with the moving average remaining flat.
Technical indicators:
Key resistance levels – $4,000 and $4,500
Major Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
On the 4-hour chart, Ether is trending down. A long candle tail pointing to the current support at $2,400 indicates strong buying pressure on the downside levels. The altcoin is consolidating as the Doji candlestick appears at the current support. That would halt the current decline.
Disclaimer. This analysis and forecast is the author's personal opinion. They are not recommendations to buy or sell cryptocurrencies and should not be considered an endorsement by CoinIdol.com. Readers should do their research before investing in a fund.
