Ethereum Continues to Linger Above the $1,800 Low

KEY TAKEAWAYS
• Ethereum remains range bound between the $1,800 support and $1,940 resistance as buyers struggle to push the price higher

• A break above the $1,940 resistance could open the way for Ethereum to rally above the $2,000 level

• Unless Ethereum breaks above $1,940 or falls below the moving average lines support, sideways trend may persist

Ethereum (ETH) Price Long-Term Prediction: Ranging

Ethereum’s price remains sideways as it continues to linger above the $1,800 low. Since July 15, the price has remained limited between the moving average lines and the $1.940 barrier. Buyers have kept the price above the 21-day SMA barrier for the past month, but have yet to break above the $1,940 barrier.

On August 17, the price broke above the 21-day SMA barrier but was rejected at the $1,940 resistance level. On the upside, if Ether overcomes the current barrier, it will rise above its $2,000 high. Today, Ether is sliding as it nears the 21-day SMA support. On the downside, Ether will remain caught between the moving average lines if it falls below the 21-day SMA support. This will cause Ether to continue the sideways trend for some time. Today’s largest altcoin is worth $1,887.43.

Technical indicators

Major supply zones: $2,000, $2,100, $2,200
Major demand zones: $1,600, $1,500, $1,400

ETH Technical Indicators Reading:

The 21- and 50-day moving averages are horizontal, indicating a lateral trend. The price bars are moving both below and above the 21-day SMA barrier. The candlestick wicks are pointing beyond the $1,940 mark. The candlestick wicks show significant selling pressure at the $1,940 level.

The Ether price bar is above the moving average lines on the 4-hour chart. The price bars are also sliding below the 21-day and 50-day moving average lines, indicating a current trend.

What Is the Next Move for Ethereum (ETH)?

Ethereum’s price movement has been further restrained by resistance at $1,940 as it continues to linger above the $1,800 low. The largest altcoin is trading above the $1,800 support but below the high of $1,940. Today, the price bars retraced above the moving average lines, paving the way for the cryptocurrency to continue its upward trend.

If Ether falls below the moving average lines, it will return to its present support level above $1,800. The sideways trend will linger if the range bound levels remain unbroken.