The price of Ethereum has maintained its sideways movement after breaking the uptrend on 13 May.
Ethereum price long-term analysis: ranging
As reported by Coinidol.com on May 30, the 21-day SMA support was broken, but the bulls bought the dips. This indicates further sideways movement or a possible rise in the cryptocurrency. Ether would have fallen above the 50-day SMA or the low of $2,190 if the downward momentum continues.
However, the largest altcoin has returned above the moving average lines. Ether is in an uptrend and if it rises above and breaks through the $2,784 resistance, it would signal the resumption of the uptrend. The altcoin will face the barrier at $2,850 but will rally to the high of $3,000.
In the meantime, the cryptocurrency is hovering between the 21-day SMA support and below the resistance at $2,800. At the time of writing, Ether is trading at $2,619.
Ethereum indicator analysis
The price bars are above the upward moving average lines. Ether’s price bars have long candle tails above the 21-day SMA. This indicates strong buying pressure above the 21-day SMA support.
The moving average lines are sloping horizontally, indicating a sideways trend on the 4-hour chart. The price bars are fluctuating below and above the horizontal moving average lines.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next direction for Ethereum?
Ethereum will continue its uptrend if it recovers above the moving average lines.
On the 4-hour chart, the altcoin has recovered above the $2,600 support, but the price is moving steadily downwards. Doji candlesticks have appeared, slowing down the price movement. Traders are unsure about the direction of the market.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
