Ethereum Struggles above $3,000 as It Retests Existing Support

Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has fallen further below the moving average lines as it retests existing support. On April 13, 2024, Ether fell to a low of $2,848 and began a range-bound move above the present support. The bulls and bears are currently battling Ether’s slide above the $2,800 support level. On April 13, bears drove the cryptocurrency above the $2,800 low.

On April 14, bulls purchased the dips and pushed Ether above the $3,000 support. Nonetheless, Ether is currently valued at $3,069.40. Ether will fall to a low of $2,700 if the current support is breached and the bearish momentum continues. However, if the bulls clear the resistance at $3,700, Ether will resume its upward trajectory. ETH/USD will then revert to its earlier high of $4,000.

Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200

Ethereum Indicator Analysis
Ether is declining, forcing the price bars to fall below the moving average lines. The altcoin is likely to continue its downward trend. The 21- and 50-day SMAs are sloping downward, indicating a decline. Nonetheless, Ether exhibits a bearish crossover, with the 21-day SMA crossing below the 50-day SMA on both charts. It means that the cryptocurrency will continue to drop.

Conclusion
Ethereum has fallen below the $3,000 support level as it retests existing support. Meanwhile, the altcoin is trading at prices ranging from $2,800 to $3,300. On the downside, bears are retesting the existing support level of $3,000 in an attempt to plunge Ether. The crypto signal will be negative if the bears are successful.

You can purchase Lucky Block here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results