Ethereum Remains Above The Important $3,000 Support Level

The latest price analysis by Coinidol.com report, the price of Ethereum (ETH) has fallen near the psychological price level of $3,000.

Long-term analysis of the Ethereum price: bearish

The largest altcoin was trading below the moving average lines but above the $3,200 support before its fall. The moving average lines and the $3,400 resistance have resisted the rising moves. 

Today, the decline has weakened and Ether is moving above its current support level of $3,000. Ether will be forced to move between the $3,000 support and below the moving average lines, where the current support lies. 

On the other hand, Ether will return to its previous lows of $2,941 and $2,850, where it will lose its current support of $3,000. At the time of writing, Ether is valued at $3,087.

Ethereum indicator analysis

The price bars were below the moving average lines before Ether experienced further coin declines. The moving average lines are horizontal and the 21-day SMA line is a resistance for the price bars. After the recent downturn, extended candlestick tails point to the $3,000 support. This suggests strong buying pressure above the $3,000 support.

Technical indicators:

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

What is the next direction for Ethereum?

Prior to the current decline, Ether was in a horizontal trend on the 4-hour chart. The bearish momentum has extended to the psychological price barrier of $3,000.00. The decline has stalled and Ether has started to fluctuate above its current support. This is the second time that the critical $3,000 level has been retested. The key support was retested, but the bulls bought the dips as Ether regained its bullish momentum.

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.