Ethereum Weathers Its Drop by Remaining above $2,200
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Ethereum Price Long-Term Analysis: Bullish
The price of Ethereum (ETH) is dropping above the 21-day SMA as it weathers its drop. A drop below the 21-day simple moving average would have ended the uptrend. The bearish momentum will extend to a low above the 50-day simple moving average or the $1,980 support. Buyers are recouping above the moving average lines, causing Ether to rise.
Buyers are expected to resume the upswing by breaking through the resistance at $2,400. On the plus side, if buyers succeed, the market will soar to a high of $2,500. The bullish trend will continue until the previous high of $3000 is reached. At the time of writing, ETH/USD is trading at $2,235.30.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
Ether has weathered the current drop by remaining above the 21-day SMA support. On the 4-hour chart, however, the price bars are below the moving average lines. As Ether increases, the bearish impetus on the lower period has been spent. The altcoin is trading modestly due to the presence of Doji candlesticks.
Conclusion
Ethereum’s slump is coming to an end as it weathers its drop. Buyers have successfully guarded the $2,200 level, but price movement has been marginally positive. ETH/USD is trading in a range between $2,200 and $2,400.
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