Ethereum Is in a Narrow Range as a Price Breakout or Crash Is Imminent
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Ethereum Price Long-Term Analysis: Bullish
Since November 22, the price of Ethereum (ETH) has remained above the $2,000 support as a price breakout or crash is imminent. Buyers, on the other hand, have made three unsuccessful attempts to keep the price above the $2,120 high. Ether has created a new price range between $2,000 and $2,120 over the last week.
The altcoin retraced above the $2,067 level after striking the barrier at $2,120. Buyers are defending the $2,000 support with vigour on the downside. If the bears breach the $2,000 support or the 21-day SMA, the bullish trend would come to an end. Meanwhile, ETH/USD is currently trading at $2,064 at the time of writing.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
The price bars for Ether are close to and above the moving average lines. Sellers have attempted to break through the 21-day SMA, but buyers will buy the dips. As long as the price bars are above the moving average lines, the uptrend will continue. The price bars on the 4-hour chart have been trapped by the moving average lines, indicating that the coin is moving in a range.
Conclusion
Ethereum has been trading above the psychological $2,000 support as a price breakout or crash is imminent. The present uptrend is oscillating below the $2,120 high because it is trapped below it. Ether is going to see a price breakout or crash as it trades in a narrow range.
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