Ethereum’s Rising Trend Slows As It Encounters The $3,600 Barrier
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Ethereum Price Long-Term Analysis: Bullish
Ethereum (ETH) breaks above the 50-day SMA as it encounters the $3,600 barrier. The upward momentum is encountering resistance at the $3,600 mark. Ether is dropping back to the 50-day SMA support. On June 16, the altcoin reached a high of $3,637 and was under selling pressure. This sent the altcoin to a low of $2,815. Today, the cryptocurrency’s price is striving to exceed the $3,600 high.
The market will hit a high of $3730 if the current resistance level is breached. However, Ether is in a downward move after the rejection at the recent high. On the downside, selling pressure will resume if the bears break below the 50-day SMA support. Ether will fall to the range defined by the moving average lines. The bearish momentum will extend above the 21-day SMA.
Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
Ethereum Indicator Analysis
The Ether price is declining while remaining above the moving average lines. If the retracement continues above the 50-day SMA support, the market will restart its upward trend. However, the current upswing would end if the moving average lines are violated.
Conclusion
Ethereum is in a horizontal trend following the July 15 rally as it encounters the $3,600 barrier. The $3,600 barrier has slowed the rising trend for the past week. The crypto’s price is hovering above $3,400, or the 50-day SMA support. The bulls will restart their rally if the current support holds. The cryptocurrency signal will be bullish if the altcoin stays above the $3,400 support level.
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