Ethereum Stalls Its Decline above $2,800

Ethereum’s price has slipped below the moving average lines, indicating rejection at the 21-day SMA.

Price long-term analysis: ranging

Since November 21, Ether has moved sideways above the $2,800 support but below the moving average lines. During recent price action, buyers kept the price above the 21-day SMA barrier. However, momentum was halted at $3,400 and the 50-day SMA.

On the upside, Ether will resume its bullish trend once buyers break above the $3,400 resistance and the 50-day SMA. Today, Ether is down as it faces rejection at the 21-day SMA and is declining as it approaches the current support level of $2,800. If this support is breached, Ether will fall below $2,630. If the support holds, the cryptocurrency will continue to trade within this range.

Technical indicators:

• 
  Resistance Levels: $4,500 and $5,000

• 
  Support levels: $3,000 and $2,500

Ethereum price indicator analysis 

The moving average lines are horizontal, and the price bars oscillate above and below the 21-day SMA support. On the 4-hour chart, the price bars have returned below the downward-sloping moving averages. Doji candlesticks dominate the price bars, slowing price fluctuation.

What is the next direction for Ethereum?  

Ether price is falling below the moving average lines. The decline has stalled above the $2,900 support level. The cryptocurrency is currently range-bound, with support at $2,800 and resistance at $3,400. Price movement has been flat in the middle of this range. The largest altcoin will maintain its range for a few days.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.