The price of Ethereum (ETH) has fallen below the moving average lines, with the altcoin reaching a low of $2,848.
Long-term analysis of the Ethereum price: bearish
The recent drop has put an end to the current rise. On April 13, bulls bought the dips as Ether rose above the $3,000 support. If the buyers hold the $3,000 support, Ether will rally to previous highs of $3,600 and $4,000. On the other hand, if the bears break the $3,000 support and the negative momentum continues, Ether will fall to a low of $2,700. Meanwhile, the value of the altcoin stands at $3,045.
Ethereum indicator analysis
The largest altcoin is bearish and has a bearish crossover. On both charts, the 21-day SMA has crossed below the 50-day SMA support, which is a bearish signal. On April 13, Ether formed a long candlestick tail, indicating strong buying pressure at the $2,800 support.
Key resistance levels – $4,000 and $4,500
Key support levels – $3,500 and $3,000
What is the next direction for Ethereum?
Ether’s uptrend has ended as it fell below the moving average lines. The bulls have halted the decline above the $3,000 level. The altcoin will remain above the current support and traders will decide whether the price will go higher or lower.
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-stops-above-3000/
