Ethereum Drifts Sideways And Holds Above $2,400

Ethereum price has remained range-bound, rising above the $2,400 support and falling below the $2,800 barrier.

Ethereum price long-term analysis: bullish

Since May 30, as reported by Coinidol.com, both bears and bulls have been actively trying to keep the price above the 21-day SMA support. Today, the bears had the upper hand as they broke below the 21-day SMA support.

However, on June 13, the bears failed to break above the 50-day SMA and broke below the 21-day SMA. However, the bulls bought the losses and Ether rallied. The buyers are protecting the $2,400 support and trying to keep the price above the moving average lines.

On the positive side, if Ether price rebounds and breaks above the 21-day SMA, it will rise to the next resistance at 2,800. The bullish momentum will continue until it reaches the high of $3,000. At the time of writing, the price of the cryptocurrency stands at $2,498.

ETH price indicators analysis

Since the 30th of May, the price of cryptocurrencies has bounced below and above the 21-day SMA support. The sideways trend has contributed to the moving average lines remaining horizontal. The price of the cryptocurrency has been trapped on the 4-hour chart, suggesting that it will range.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500

Key Support Levels – $2.000 and $1,500

What is the next direction for Ethereum?

Since the bulls bought the dips on June 13, Ethereum has continued to drift sideways. Buyers have consistently defended support at $2,400 while resuming their uptrend above the current barrier.

Buyers are finding it difficult to break through the 21-day SMA support, which was previously a support. The uptrend will start when the price breaks above the 21-day SMA.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.