Ethereum Hovers Above $2,300 Despite a Bearish Trend

Ethereum (ETH) Current Statistics

The current price: $2,326.52
Market Capitalization: $279.95B
Trading Volume: $12.57B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 12, 2024

Ethereum’s (ETH) price falls to a low of $2,156 as bears continue their bearish trend. The pullback faces another rejection at the high of $2,400. On the upside, bulls previously pushed the price above the moving average lines but were rejected three times by the moving average lines or the resistance at $2,800.

Following the September 6 price drop, Ether trades above the $2,200 support but below the moving average lines. Ether will start selling pressure when the current $2,200 support level is breached. Furthermore, the bearish momentum will continue until the psychological price level of $2,000 is reached.

If the bears try to break through the psychological price level, the bulls will most likely defend it. Meanwhile, the cryptocurrency’s price has remained stable above the $2,300 support since September 7.

ETH Technical Indicators Reading

Ether price bars are consolidating above the $2,300 support level but below the moving average lines. Ether will fall when the price bars continue below the moving average lines. The Doji candlestick pattern creation has resulted in a stable and stagnant price movement.

Conclusion

Ethereum trades between $2,300 and below the moving average lines as bears continue their bearish trend. If the current support level of $2,300 is surpassed, Ether will fall back to its previous low. However, the existence of Doji candlesticks will prevent or slow price movement. The crypto signal will be negative if the bears continue their bearish momentum and breach the $2,300 support level.

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