Ethereum Faces Rejection at $2,632 as It Reverts to Its Range

Ethereum (ETH) Current Statistics

The current price: $2,576.37
Market Capitalization:$310,015,438,234
Trading Volume: $12,301,436,754
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 22, 2024

The price of Ethereum (ETH) crossed above the moving average lines on September 20 but it has reverted to its range. On September 13, the bullish trend was rejected by the 21-day SMA, which fell above the $2,200 support. The bulls then bought the dips, causing the asset to rise above the moving averages. The altcoin soared to a high of $2,632 before being rejected by resistance levels.

On the upside, the altcoin is anticipated to hit a high of $3,000. However, all bullish impetus has been stifled below the $2,800 high. Meanwhile, the altcoin is descending toward the moving average lines.

ETH Technical Indicators Reading

Following the recent market rebound, the price bars are above the moving average lines. The present rise has ended as it continues to drop. The bullish momentum will resume if it retraces and remains above the moving average lines. If the altcoin retraces below the 50-day SMA, it will be forced to move in a narrow range.

Conclusion

Ethereum is currently trading in the $2,200 to $2,800 range as it reverts to its range. The increasing trend has halted after reaching a high of $2,600. The cryptocurrency’s price fluctuates above the moving average lines or within its range. The presence of the Doji candlesticks will cause the cryptocurrency to move in a range.

Make money without lifting your fingers: Start using a world-class auto trading solution.
.             
Note: Learn2.Trade is not a financial advisor.  Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your results.