Ethereum Is Range-Bound and Pauses at $3,150

Ethereum (ETH) Current Statistics
The current price: $3,090.32
 Market Capitalization: $371,205,788,521
Trading Volume: $9,559,179,533
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

 Ethereum (ETH) Price Analysis May 20, 2024
The price of Ethereum (ETH) is trapped between the moving average lines but pauses at $3,150. The cryptocurrency price broke above the moving average lines but was stopped by the 50-day SMA. The largest altcoin trades above the 21-day SMA but below the 50-day SMA.

Ether will trend when the bulls or bears break the moving average lines. The current value of Ether is $3,074 as of this writing. The price movement has been constrained by moving average lines. At the moment, it is unclear which direction Ether will flow.

Meanwhile, ETH/USD is sliding after reaching the 50-day simple moving average. If the bears break below the 21-day SMA support, the market might fall to its prior low of $2,850.

ETH Technical Indicators Reading
On May 17, Ether bounced and broke above the 21-day SMA, leaving the cryptocurrency caught between the moving average lines. Ether has fluctuated between the moving average lines over the last three days. On the 4-hour chart, price bars have retraced above the moving averages.

If the 21-day SMA support holds, the altcoin will increase in value.

Conclusion
Ethereum pauses at $3,150 as it continues its sideways trend. In other words, the cryptocurrency’s price is caught between two moving average lines. The largest altcoin is still priced between $2,800 and $3,200. The upward movement has been repelled. The crypto signal is now negative as the altcoin falls.

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