Ethereum Drops but Holds Above $1,960

Ethereum

Ethereum Drops but Holds Above $1,960

Ethereum Price Long-Term Analysis: Bearish

Before this decline, the largest altcoin had been trading above the $2,000 support but below the $2,160 resistance. Upward price movement has been restricted by resistance at $2,160 and the 21-day SMA. Buyers have been unable to push the price above the $2,160 resistance and the moving average lines.

Today, the crypto price has fallen to a low of $1,967. Ether is now trading between the $1,960 support and below the $2,000 high.

On the upside, if buyers move the price above the $2,000 high, Ether will return to its previous range below the moving average lines. On the downside, if sellers push the price below the $1,960 support, Ether will fall to previous lows of $1,840 and $1,800. Ether is currently at $2,019.

Technical indicators:

• Resistance Levels: $3,500 and $4,000
• Major Support levels: $2,500 and $2,000

ETH Indicator Analysis

The price of Ether is below the horizontal moving average lines, indicating that the cryptocurrency is likely to continue declining. The 21-day SMA is below the 50-day SMA, suggesting further downside for Ether. On the 4-hour chart, the moving average lines are sloping downwards, indicating a downtrend.

What Is the Next Direction for ETH？

Ethereum has lost its critical support level of $2,000. The cryptocurrency price has remained above $1,960 but has fluctuated below the $2,000 high.

Today, buyers pushed the price above the $2,000 mark.If buyers succeed, the biggest altcoin will restart its upward trend. Sellers will win if Ether falls and the $1,960 support is breached.