Ethereum Hits Its Critical Support at $2,800

Ethereum’s price has fallen below the moving average lines after being rejected at the 50-day SMA barrier, or the resistance at $3,300.

Ethereum price long-term analysis: bearish

The altcoin fell to a low of $2,795 before pulling back. Ether is now in a negative trend zone, oscillating above the $2,600 support but below the moving average lines.

On the upside, ETH will resume its bullish trend if buyers sustain the price above the moving average lines. The altcoin is likely to decline further while remaining below the moving average lines. On the downside, if the bears breach the current support level, Ether will fall to a low of $2,100. Ether is currently at $2,853.10.

Technical indicators:

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

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

ETH price indicator analysis

The downward-sloping moving average lines are now moving horizontally, indicating a sideways trend. The price bars fluctuate below and above the 21-day SMA barrier as Ether’s latest high is rejected.

On the 4-hour chart, the price bars are below the moving averages, indicating a downtrend. On December 13, the long candlestick tail signals significant buying pressure above the $2,700 support.

What is the next direction for ETH?

Ether price is falling below the moving average lines. The selling pressure has stalled above the $2,800 support. In previous price action, Ether surged above the moving average lines but was halted at the $3,400 resistance, resulting in a decline. 

Now, Ether has fallen but is consolidating above the $2,800 support level. The current support is holding as Ether’s price rises.

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.