Ethereum Slumps but Holds above $2,200 as Bulls Buy the Dips
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Ethereum Price Long-Term Analysis: Bearish
The price of Ethereum (ETH) is now trading in a narrow range as it slumps but holds above $2,200. The altcoin has now fallen below the 21-day $MA after reaching resistance at $2,300. Despite the drop, Ether remains above the $2,200 support level. Nonetheless, the altcoin risks decline following the breach of the 21-day SMA.
On the downside, the coin will fall above the $2,100 support or the 50-day simple moving average. The downtrend will commence if the price goes below the moving average lines. The price of ETH/USD will plummet to $1,931 low.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
The largest altcoin has dropped between the moving average lines, indicating a possible sideways move. The 50-day SMA will be the next level of support. Ether will be compelled to trade in a range between the moving average lines if the 50-day $MA support holds.
Conclusion
Ether approaches the psychological price level of $2,000 and the 50-day moving average but holds above $2,200. The largest altcoin will restart its downward trend once the psychological price threshold is crossed. The current uptrend will continue if the important support levels are kept at current levels.
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