Ethereum Consolidates above $3,500 as It Assumes Its Ascent
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Ethereum Price Long-Term Analysis: Bearish
The price of Ethereum (ETH) has recovered as it assumes its ascent above the critical support at $3,500. The largest altcoin fell below the moving average lines but was held back by the 50-day SMA, or $3,063 support. Ether has rebounded from its slump, but the cryptocurrency’s price has been caught by moving average lines. The altcoin is now trading above the 50-day SMA but below the 21-day SMA.
The cryptocurrency price recovered but remained trapped around the 21-day SMA or resistance level of $3,649. The moving average lines have stopped any further price movement. Ether is now valued at $3,539 at the time of writing. Since March 25, 2024, the cryptocurrency has remained firm above the $3,500 support.
On the upside, if Ether rebounds above the $3,500 support level, it will surge above the 21-day SMA and extend its bullish momentum to the previous high of $4,100. Similarly, if the 50-day SMA is crossed, ETH/USD would fall much more. The market will reach a low of $2,800.
Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
Ethereum Indicator Analysis
Ether’s price bars are trading below the 21-day SMA resistance and above the 50-day SMA support. If the positive momentum continues, the biggest altcoin could break out. The price bars are marked with Doji candlesticks, causing the altcoin to consolidate.
Conclusion
Following its drop on March 19, 2024, Ether has risen above the $3,059 low as it assumes its ascent. The altcoin has corrected upward, although it is hampered by resistance near $3,600. Ether is currently trading between $3,200 and $3,700. The cryptocurrency signal has stayed range-bound between its current support and resistance levels.
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