ETH Eyes $3,000 as Bulls Hold $2,400 Support

KEY TAKEAWAYS

•     Ethereum remains bullish as ETH holds above the $2,400 support level despite struggling to break the $2,600 high

•     A break above the $2,500 and $2,600 resistance levels could open the way for Ethereum to reach $3,000 and potentially $3,400

•     Ethereum is currently consolidating, with Doji candles showing market uncertainty while the 21-day and 50-day moving averages continue to point upward

Ethereum (ETH) Price Long-Term Prediction: Bullish

Ethereum’s price has broken through the $1,940 barrier and risen above the $2,000 psychological price level as bulls hold $2,400 support. The bullish momentum peaked at $2,549 before declining. Buyers were unable to sustain their bullish momentum above the $2,600 threshold.

In April, bidders encountered similar pushback at $2,400 and $2,500 prices. Today, the largest altcoin broke above the barrier levels of $2,400 and $2,500. However, the altcoin has maintained its upward trend as it remains above the $2,400 support level.Ether is currently trading above the $2,400 support but below the $2,600 high.

On the upside, Ether will continue to rise to highs of $3,000 and $3.400 if buyers surpass the existing obstacles of $2,500 and $2,600. Meanwhile, the bullish momentum has abated as the largest altcoin continues its sideways move above the psychological price threshold of $2,400, awaiting the continuation of the upward trend. Ether is currently valued $2,537.51.

Technical indicators

Major supply zones: $3,000, $3,100, $3,200
Major demand zones: $2,000, $1,900, $1,800

ETH Technical Indicators Reading:

Long candlestick wicks pointing across the $2,500 high suggest strong selling pressure at recent highs. The 21-day and 50-day moving average lines are both upward sloping, indicating an uptrend. On the 4-hour chart, the upward sloping moving average lines are horizontal, indicating a sideways movement below the $2,600 level.

Doji candlesticks are consolidating above the 21-day SMA support. Doji candlesticks indicate that traders are unsure about the market’s direction.

What Is the Next Move for Ethereum (ETH)?

Ethereum has been compelled into a sideways move as bulls hold $2,400 support. On the 4-hour chart, the largest altcoin is trading above the 21-day SMA support but below the $2,600 high. The Doji candlesticks are developing above the 21-day SMA support.

This suggests that traders are undecided about the cryptocurrency’s next move. However, the altcoin risks falling if the bears break below the 21-day SMA and the $2,400 support levels.