Ethereum Returns to the $2,850 Low Amid Persistent Selling Pressure

Ethereum Price Long-Term Analysis: Bearish
The price decline of Ethereum (ETH) reached bearish exhaustion on July 5 amid persistent selling pressure. Ether is now trading in a range of $2,850 to $3,000. In the last five days, neither the bulls nor the bears have broken through the range-bound levels. Buyers are having difficulty maintaining the bullish momentum above the $3,000 level. Ether is retreating after hitting a high of $3,119.

On the upside, if the bulls break through the barrier at the previous high, the market will surge to the 21-day SMA resistance or $3,400 high. However, the bears have retested the $2,850 support level twice since July 5. If the critical support is breached, the largest altcoin will plummet above $2,200 or lower.

Technical indicators:  
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
 
Ethereum Indicator Analysis 
The selling pressure has lessened, and the altcoin has begun a range-bound move between the moving average lines on the 4-hour chart. The early bullish movement has been rebuffed by the 50-day SMA, and the altcoin continues to fluctuate.

Conclusion  
Ethereum’s slump has eased above the $2,850 support amid persistent selling pressure. Bulls and bears have been battling over pricing above the important support level of $2,850. Since April 13, the Bulls have had the upper hand in defending the key support. Meanwhile, the crypto signal remains range-bound as the altcoin trades above the $3,000 support.

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