Ethereum Drops but Holds Above $1,960

Ethereum’s psychological price level of $2,000 was breached on May 28.

Ethereum Price Long-Term Analysis: Bearish

Before this decline, the largest altcoin had been trading above the $2,000 support but below the $2,160 resistance. Upward price movement has been restricted by resistance at $2,160 and the 21-day SMA. Buyers have been unable to push the price above the $2,160 resistance and the moving average lines.

Today, the crypto price has fallen to a low of $1,967. Ether is now trading between the $1,960 support and below the $2,000 high.

On the upside, if buyers move the price above the $2,000 high, Ether will return to its previous range below the moving average lines. On the downside, if sellers push the price below the $1,960 support, Ether will fall to previous lows of $1,840 and $1,800. Ether is currently at $2,019.

Technical indicators:

• 
  Resistance Levels: $3,500 and $4,000

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

ETH Indicator Analysis

The price of Ether is below the horizontal moving average lines, indicating that the cryptocurrency is likely to continue declining. The 21-day SMA is below the 50-day SMA, suggesting further downside for Ether. On the 4-hour chart, the moving average lines are sloping downwards, indicating a downtrend.

What Is the Next Direction for ETH?

Ethereum has lost its critical support level of $2,000. The cryptocurrency price has remained above $1,960 but has fluctuated below the $2,000 high.

Today, buyers pushed the price above the $2,000 mark.If buyers succeed, the biggest altcoin will restart its upward trend. Sellers will win if Ether falls and the $1,960 support is breached.

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.