Ethereum Falters at Its Peak of $1,840

Ethereum’s price has entered a range-bound movement after bullish momentum was halted at the $1,800 high.

Ethereum Price Long-Term Analysis: Ranging

On June 15, buyers pushed the price above the $1,800 high twice but were repelled. Had buyers succeeded above the current high, the largest altcoin would have regained its psychological price of $2,000.00. Today, Ether is falling as it approaches its current support at $1,500.

On the downside, if the current support holds, the largest altcoin will resume its range-bound movement between the $1,500 support and the $1,800 high.

Today, Ether has dropped to a low of $1,722 at the time of writing.

Technical indicators:

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

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

Ethereum Indicator Analysis

The 21-day SMA is below the 50-day SMA and is sloping downward. The price bars are below the moving average lines, indicating a downward movement. Today, the price bars are being rejected by the 21-day SMA barrier, signalling the cryptocurrency’s decline.

On the 4-hour chart, the price bars are situated between the upward-sloping moving average lines. Ether’s price remains stuck within a narrow range.

What Is the Next Direction for Ethereum?

The Ethereum price has slowed its decline but remains range-bound above the $1,500 support and the $1,840 high on the 4-hour chart. The price has retraced but remains caught between the moving average lines.

On the downside, if the price falls below the 50-day SMA support, Ether will drop to a low of $1,500. The upward price movement will begin when it breaks above the 21-day SMA barrier. Meanwhile, the price remains trapped between the moving averages.

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.