Ethereum Falls as It Confronts Rejection at $2,800

Ethereum (ETH) Current Statistics

The current price: $2,544.50
Market Capitalization: $307,239,453,456.13
Trading Volume: $16,051,365,647.16
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 24, 2024

Ethereum’s (ETH) price has been under selling pressure as it confronts rejection at $2,800. The drop reached a low of $2,450 before reversing. For the previous 48 hours, selling pressure has stalled above the present support level of $2,450 but between the moving average lines. Buyers intend to keep the price above the moving average lines.

In recent price activity, the largest altcoin surged to the $2,800 resistance zone but was rebuffed. The repulsion occurs for the fifth time, causing Ethereum to remain in a range between $2.200 and $2,800. Today, Ether is recovering, although its upward march is hindered by the 21-day SMA.

ETH Technical Indicators Reading

Ether has dipped below the moving average lines, although both bulls and bears are trying to stay above the 21-day SMA support. If the bulls succeed in breaking above the 21-day SMA, Ether will increase. If the bears succeed, there will be more selling pressure. As the altcoin’s range fluctuates, the moving average lines remain horizontal.

Conclusion

On the 4-hour chart, Ethereum dropped below the moving average lines as it confronts rejection at $2,800. The largest altcoin trades above the $2,450 support level but below the moving averages. The Doji candlesticks formed when the altcoin consolidated above its current support. Selling pressure could reappear if the bears breach below the current support level of $2,400. The range of the crypto signal is constrained when Doji candlesticks occur.

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