Ethereum Moves Moderately and Halts Below the $3,500 Resistance

Ethereum (ETH) Current Statistics
The current price: $3,421.80
Market Capitalization: $411.67B
Trading Volume: $15.94B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis July 18, 2024
Ethereum’s (ETH) price trades between the moving average lines and halts below the $3,500 resistance. The bullish momentum broke above the 21-day SMA support but paused at the 50-day SMA. On the upside, Ether might have reached $3,800 if buyers sustained the price above the 50-day SMA resistance level. Ethereum is trading modestly as it retraces lower.

On the downside, the negative momentum will continue until the low above $3,339 or the 21-day SMA support. In other words, even after the retracement, Ether will remain limited between the moving average lines. On the downside, Ether’s range-bound motion will continue if it retraces and finds support above the 21-day SMA.

However, the altcoin will resume selling pressure if it loses the 21-day SMA support.

ETH Technical Indicators Reading
Since July 15, Ether has traded between the moving average lines. In other words, the altcoin’s price range is between $3,200 and $3,500. On the 4-hour chart, the price bars retraced before closing above the moving average lines. A breach below the moving average lines will result in a fall in the coin.

Conclusion
Ether’s bullish momentum slows as it halts below the $3,500 resistance. The retracement above the moving averages has ended. On the 4-hour chart, the altcoin is resuming its bullish trend while remaining above the 21-day SMA support. If the $3,500 resistance is broken, Ether is expected to soar to $3,700.

The crypto signal is range-bound, with Ether locked between the moving average lines. Ether is trapped between the moving average lines, indicating that the crypto signal is range-bound.

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