Ethereum Holds Above $3,100 And Continues Its Range-Bound Pattern

The price of Ethereum (ETH) has been falling as it faces rejection at the moving average lines.

Long-term analysis of the Ethereum price: bearish

On July 29, buyers tried to hold the price above the moving average lines but failed to do so. Ether is falling as it approaches the current support at $3,093.

Currently, the altcoin has reached a low of $3,172. Should the bears breach the current support at $3,093, Ether would fall to its previous low of $2,850.

However, if the current support at $3,093 holds, the largest altcoin will be forced to move in a rangebound pattern above the current support and below the moving average lines for several days.

Analysis of the Ethereum indicators

The price bars remain below the moving average lines after the last rejection. The moving average lines are still horizontal, indicating a sideways movement. The price movement is characterised by small bodies and indecisive candles.

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?

The altcoin has been trading in a range of $3,086 to $3,400 since July 25, as reported before by Coinidol.com. It has made a halt above the $3,100 support during this range. The biggest altcoin will trend when the current levels of support and resistance are breached.

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