Ethereum Stalls at $3,300 Due to Strong Opposition at a Recent High
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has been in a range due to strong opposition at a recent high. On June 24, the largest altcoin fell to a low of $3,231 but the bulls purchased the dips. The selling pressure has receded, and the altcoin is still trading between $3,300 and $3,500, with resistance at the 21-day SMA or the $3,500 high. The altcoin has been trading for the past week, and it has been inside a range.
On June 28, buyers tried to keep the price above the moving average lines but were unsuccessful. Today, Ether is continuously declining, although the price movement has been modest due to the existence of Doji candlesticks. On the downside, if the bears break through the existing support, it will signify the return of selling pressure. The price prediction is that ETH/USD will fall above the psychological price level of $3,000 or lower.
Technical indicators:
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200
Ethereum Indicator Analysis
On both charts, the price bars have dropped below the previously trapped moving average lines. The biggest altcoin risks a fall while in the bearish trend zone. Doji candlesticks have slowed the price movement. These Doji candlesticks depict traders who remain indifferent to the market’s direction.
Conclusion
On the 4-hour chart, Ethereum is declining due to strong opposition at a recent high. On June 24, the bears reached a low of $3,240 twice before rebounding. The altcoin’s upward correction has paused at $3,460, indicating a range-bound trend. The cryptocurrency signal is limited to the price range of $3,240 to $3,460. When the current range bound levels are breached selling pressure will restart.
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