Ethereum Price Remains Below 3,800 Dollars As Traders Continue Price War

Ethereum Price Remains Below 3,800 Dollars As Traders Continue Price War

May 25, 2024, 10:31 am // Price

Ethereum (ETH), the price of which is on an upward trend, reached a peak of $3,944 in May before reversing. CryptoGuestPosts provides a price analysis.

Long-term Analysis of the Ethereum Price: Bullish

The biggest altcoin has now dropped below the $3.900 resistance level. Ether fluctuates below its recent peak for the past four days. This has ended its upward trend. The doji indicates a lack of confidence between buyers and vendors regarding the market's direction.

The price indicator indicates that a possible upward movement and reversal is predicted at the highest point of the Fibonacci extension of 1.272 or $4,225.66. Ether will drop to $3,440 if it fails at the $3.900 resistance level. Ether's current value is $3,755.66.

Analysis of the Ethereum indicators

The price bars of Ether are above the moving mean, following the vertical trend. The positive momentum however faded as the altcoin reached resistance at $3.900. On the 4-hour graph, the bullish trend has slowed and the altcoin appears to be trapped between moving average lines. Before the altcoin's trend continues, the price of the cryptocurrency is expected to oscillate between moving averages.

Technical indicators

Key Resistance Levels - $4,000 and $2,500

Support levels for $3,500 and $3,000

What is the future direction of Ethereum?

Ether is below the 21-day SMA on the 4-hour chart but above the 50 day SMA. The market will reach its previous high if buyers manage to break through the $3,800 barrier. If the biggest altcoin does not resume a positive pattern above the resistance level it will continue to fall. The altcoin is still below the resistance.

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Disclaimer. This analysis and forecast is the author's personal opinion and not a recommendation for buying or selling cryptocurrency. It should not be seen as an endorsement from CryptoGuestPosts. Before investing in funds, readers should conduct their own research.

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