Ethereum Holds Above $2,400 As it Plans Its Next Move

KEY TAKEAWAYS

•     Ethereum remains bullish but range-bound, with ETH holding above the $2,400 support while struggling to break decisively above $2,500.

•     A breakout above $2,500 could open the way toward $3,000, while a failure to defend $2,400 could send ETH toward the psychological $2,000 level.

•     Technical indicators continue to favor buyers, although repeated rejection around $2,500 shows that significant selling pressure remains at the current high.

Ethereum (ETH) Price Long-Term Prediction: Bullish

Ethereum is currently trading sideways as it plans its next move. Prices have only moved between the $2,400 support and the $2,600 high during the past week. Buyers have successfully defended the $2,400 support but are struggling to hold the price above the $2,500 barrier.

The price of Ether is resisted every time it crosses the $2,500 mark. If buyers clear the initial hurdle, the largest altcoin will rise to the next barrier at $3,000 or higher. However, if purchasers fail to defend the $2,400 support, Ether will fall to the psychological price level of $2,000.

In the meantime, the cryptocurrency price has stayed stable as buyers and sellers plan their next move. Ether is now trading at $2,475.50.

Technical indicators

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

ETH Technical Indicators Reading:

The cryptocurrency price is bouncing above the upward-sloping moving average lines, indicating that buyers remain in charge of the bullish trend. The candlestick wicks are still heading past the $2,500 level, indicating significant selling pressure near the latest high. On the 4-hour chart, the 21-day and 50-day SMAs are sloping horizontally, indicating the present trend. The cryptocurrency price is rising while maintaining a horizontal pattern.

What Is the Next Move for Ethereum (ETH)?

Ethereum is in a sideways trend after the uptrend as it plans its next move. Price movement has been confined above the $2,400 support and the $2,600 resistance level.

Doji candlesticks dominate the price movement, indicating that traders are uncertain on their next move. When the range bound levels are broken, the cryptocurrency asset will begin to trend.