Ethereum has continued to decline, but it halted above the $2,000 psychological price barrier on May 18.
Ethereum Price Long-Term Analysis: BearishThe largest altcoin fell to a low of $2,077 before recovering. For the past 48 hours, the cryptocurrency price has fluctuated above the $2,000 support line while remaining below the moving average lines.
However, if the $2,000 key support is breached, Ether will fall to its previous low of above $1,800. Ether is currently at $2,128 at the time of writing.
Technical indicators:Resistance Levels: $3,500 and $4,000
Support levels: $2,500 and $2,000
Ethereum Indicator AnalysisEther's price is likely to continue decreasing as it is repelled by the 21-day SMA barrier. The extended candlestick tails are pointing below the $2,100 support level, indicating strong buying pressure.
Since May 17, the Ethereum price has halted its decline above the $2,100 support level on the 4-hour chart. The cryptocurrency is now trading within a narrow range, below the moving average lines but above the $2,100 support.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.
