Ethereum Maintains Its Range As It Hovers Above $2,500

Ethereum (ETH) Current Statistics- Hovers Above $2,500

The current price: $2,600.66
Market Capitalization: $312,756,292,501
Trading Volume: $11,372,993,439
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 17, 2024

Ethereum’s (ETH) price has fallen below the moving average lines as it hovers above $2,500. For the past 48 hours, the largest altcoin has been trading between $2,500 and $2,600. The upward movement has been hindered by the moving average lines, resulting in the recent fall. The cryptocurrency’s price has continued to fall.

The altcoin has been consolidating above the $2,500 support level for three days. On the downside, if the bears break below the present support of $2,500, the altcoin would fall to its prior low of $2,000. Meanwhile, Ether remains in a limited range below the moving average lines.

ETH Technical Indicators Reading- Hovers Above $2,500

Ether’s price bars are near the 21-day SMA but below the moving average lines. The current trend will reverse once the price rises above the 21-day SMA. The price bars are consolidating below the moving average lines, indicating a potential breakout or breakdown.

Conclusion

The largest altcoin has maintained its range-bound movement as it hovers above $2,500. However, the bears did not give up because the moving average lines resisted the altcoin. Ether is continuing trading in a bearish trend and is expected to fall further. The crypto signal is range-bound as the altcoin continues its sideways trend.

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