Ethereum Is Stable above $2,200 Due to Investors’ Concern
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Ethereum Price Long-Term Analysis: Bearish
The Ethereum (ETH) price has fallen below the $2,300 support but is stable due to investor concern. Ether has been trading in a range of $2,300 to below the moving average lines, or resistance at $2,800, over the past month. On September 6, the bear breached below the present support and resumed its slide. The selling pressure continues as it breaks and retests the present support level.
On the downside, if the selling pressure continues, Ether is predicted to reach previous lows of $2,116 and $2,000, respectively. However, market indications suggest that Ether may fall below its previous low of $2,000. Meanwhile, prices are moving slowly due to the existence of Doji candlesticks. Ether is currently valued at $2,270.
Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
Ethereum Indicator Analysis
The moving average lines have maintained their slope as the price bars remained below them. The price bars are consolidating and have remained stable below the moving average lines. There has been no movement in the price as Doji candlesticks form.
Conclusion
Ethereum is recovering after falling below its current support level of $2,300 due to investor concern. The biggest altcoin will return to its previous range once it breaks above the $2,300 resistance level. The altcoin’s price will stay steady between $2,300 and $2,800. However, if the altcoin falls from its recent low, selling pressure will resume. The cryptocurrency is being rejected at a recent high, and the crypto signal is currently bearish.
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