Ethereum Price Fluctuates And Remains Stuck At $2,800

The price of Ethereum (ETH) has started a move below the moving average lines. The bulls bought the dips after stopping the decline above the $2,200 support.

Long-term analysis of the Ethereum price: bearish

Ether price is fluctuating between $2,200 and $2,800. The upside is uncertain as Ether faces rejection at the high of $2,600. Moreover, the price indication predicts that the cryptocurrency will continue to decline. Ether is in a downtrend and if it falls below the support level of $2,400, the bears will try to push it back to the previous level of $2,116.

However, if the $2,116 support is breached, Ether will fall to the expected price level of the 2.0 Fibonacci extension or $1,674. Ether is currently trading at $2,630.

Analysis of the Ethereum indicators

Ether’s price bars are moving below the moving average lines after reaching the $2,116 support level. The price bars are likely to continue moving lower as long as the downtrend continues. On the weekly chart, the moving average lines are horizontal, indicating a sideways trend.

Technical Indicators:

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

Key support levels – $3.500 and $3,000

What’s next for Ethereum?

Ether is expected to fall further due to the failed upward correction on July 15. On the weekly chart, the altcoin fell to a low of $2,099 before recovering. The price indicator points to a further decline to a low of $1,674. Meanwhile, the price has held steady above the $2,600 support level.

Previously, on August 6, ETH was hovering above the $2,400 support level, as reported by Coindol.com. It is correcting upwards, but the move could be rejected at its recent peak.

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