Ethereum Backtracks as It Encounters the $2,800 Obstacle

Ethereum (ETH) Current Statistic – the $2,800 Obstacle

The current price: $2,616.02
Market Capitalization: $314,934,679,054.99
Trading Volume: $14,218,971,773.24
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 22, 2024

The price of Ethereum (ETH) is reversing course as it encounters the $2,800 obstacle. In past price movements, buyers attempted to keep the price above the $2,800 high but were unable. The largest altcoin dropped and remained in the $2,200 to $2,800 price range. If the bears cross the moving average lines, the altcoin will fall further to a low of $2,300.

However, if Ether retraces and finds support above the moving average lines, it will continue to trade above the moving average lines but below the resistance level of $2,800. Meanwhile, the altcoin is trading above the $2,600 support.

ETH Technical Indicators Reading – the $2,800 Obstacle

Following the market bounce on October 14, the price bars are now above the moving average lines. The moving average lines are still horizontal due to the sideways trend. The price bars on the 4-hour chart are below the moving average lines, indicating that the cryptocurrency will continue to decrease.

Conclusion

On the 4-hour chart, Ethereum is experiencing a brief fall as it encounters the $2,800 obstacle. The bullish momentum paused at the $2,750 high. The price bars are below the moving average lines, signaling Ethereum’s continued slide. The crypto signal is unfavorable as Ether continues its downward trend.

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