Ethereum Falls but Holds Range above $1,800

Ethereum’s price has declined but remains within its range after failing to break above $1,960.

Ethereum Price Long-Term Analysis: Ranging 

The cryptocurrency has fallen below support at the 50-day SMA and resistance at the 21-day SMA. Ether is currently trading between these moving average lines and is expected to stay range-bound for a few more days.

On the downside, if sellers push the price below the 50-day SMA, Ether is likely to slip beneath the $1,500 support level. Conversely, it will resume its bullish trend if buyers drive the price above the 21-day SMA, with Ether then likely to retest its previous high of $1,960.

At present, Ether is hovering just above support at $1,800 but remains confined between the moving average lines. 

Technical indicators:

Key resistance levels: $3,500 and $4,000

Key support levels: $2,000 and $1,500

Ethereum Indicator Analysis  

Ether’s price has declined, moving between the upward-sloping 50-day SMA support and the 21-day SMA barrier. The long candlestick wicks around the $1,960 level indicate strong selling pressure. Ether is expected to resume its bullish move if it breaks above the 21-day SMA barrier. However, its value will fall if it loses support at the 50-day SMA.

What Is the Next Direction for Ethereum? 

On 10 August, Ethereum fell below the moving average lines on the 4-hour chart. The selling pressure has paused above the $1,850 support. On 1 August, Ether reached $1,822, but buyers pushed the price back above the moving average lines. Today, sellers have driven the price below the moving average lines in an attempt to retest the recent low. However, Ether remains range-bound between support at $1,800 and resistance at the $1,960 high.

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.