Ethereum Remains Above $2,300 as Traders Exhibit Apathy
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has continued to meander sideways as traders exhibit apathy. The higher advances have continued to be rejected at the 21-day SMA barrier. On September 15, the altcoin was repulsed as it retested the critical support level of $2,300. The cryptocurrency has moved above the $2,300 support and below the moving average lines over the past 48 hours.
The creation of Doji candlesticks has caused the price movement to remain static. The largest altcoin will trend once the critical support is broken or buyers sustain the price above the moving average lines. Ether will fall as it loses the $2,300 support and the bearish momentum continues. Ether may return to the $2,000 psychological price threshold. It is now valued at $2,315 at the time of writing.
Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
Ethereum Indicator Analysis
On September 6, the moving average lines were sloping horizontally, indicating a sideways trend. The 21-day SMA serves as the price bars’ resistance line. The price movement is marked by Doji candlesticks, indicating that traders are still unsure of the market’s direction.
Conclusion
Ethereum trades below the moving average lines as traders exhibit apathy.. On the 4-hour chart, the largest altcoin is trading between $2,250 and $2,400 price range. The moving average lines and resistance at $2,400 have slowed the upward surge. The cryptocurrency is now hovering at $2,300. Meanwhile, the crypto signal is negative, with the altcoin trading in the bearish trend zone.
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