The price of Ethereum (ETH) is still trading in the uptrend zone, above the moving average lines. Price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bullish
Buyers broke through the $2,400 level but were unable to sustain their bullish momentum beyond the $2,520 resistance level.
If ETH now falls back and holds above the $2,400 support, the uptrend will resume. Ether will rise to its previous high of $2,700. The altcoin will lose even more value if it breaks through the $2,400 support. Ether will fall back to $2,340, its previous low.
Analysis of the Ethereum indicators
On the 4-hour chart, Ether’s price bars are below the 21-day SMA, indicating that the cryptocurrency will continue to fall. The decline will continue to the previous low above the 50-day SMA.
Currently, the altcoin is between the moving average lines, indicating a possible fluctuation of the cryptocurrency.
Technical indicators:
Key resistance levels – $2,400 and $2,600
Key support levels – $2,200 and $2,000
What is the next direction for Ethereum?
Bearish momentum has faded as Ether moves above current support. On February 11, Ether rose to a high of $2,540 but failed to maintain its positive momentum. The most recent high is the historical price level of January 15, 2024. Since January 15, buyers have not yet managed to keep the price above the resistance level of $2,540, as reported by Coinidol.com before. Ether will be forced to move sideways and hold the existing support level between $2,400 and $2,600.
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 CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/ethereum-holds-and-fluctuates/
