Ethereum Is In Decline But Targets The $3,056 Low

Ethereum (ETH) Current Statistics
The current price: $3,204.52
 Market Capitalization: $391,062,071,427
Trading Volume:$11,998,488,993
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500
 
 Ethereum (ETH) Price Analysis April 24, 2024
Ethereum’s (ETH) price has recovered after falling to a low of $2,848.90 on April 13, 2024 as it targets the $3,056 low. The largest altcoin recovered above the $2,900 support and began its bullish ascent.

Today, the upward trend is encountering resistance at the 21-day SMA, or $3,300 resistance zone. If the initial barrier is breached, Ether will advance to the 50-day SMA high. Nonetheless, a break above the 50-day SMA would propel the altcoin to the $4,000 psychological price barrier.

ETH/USD, on the other hand, will continue to trade in a narrow range between $2,900 and the 21-day SMA resistance level, where it fails to breach the recent high. The current value of Ether is $3,266.

ETH Technical Indicators Reading
Doji candlesticks dominate the price bars, which are above the moving average lines on the 4-hour chart. The rising trend has paused at the $3,300 barrier zone, and Ether is still trading in the bearish trend zone. The increasing trend has halted due to the presence of Doji candlesticks. The price movement has slowed due to the existence of uncertain candlesticks.
 
 Conclusion  
On the 4-hour chart, Ether’s decline has subsided as it targets the $3,056 low. Later, the consolidation steadily increased above the moving average lines, approaching the $3,300 resistance level. The cryptocurrency signal will stay range-bound as Ether fails to break above the $3,300 barrier level.  

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