Ethereum Oscillates in a Range Due to Traders’ Hesitancy

Ethereum (ETH) Current Statistics
The current price: $3,513.10
Market Capitalization: $429,490,536,431
Trading Volume: $14,937,053,936
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis June 21, 2024
Following the price drop on June 11, Ethereum’s (ETH) price has become caught between the moving average lines due to traders’ hesitancy. The bearish momentum paused above the 50-day SMA, but the altcoin resumed its oscillation between the moving average lines.

Bulls and bears have not broken the moving average lines of Ether in the last two weeks of trading. On the upside, if the bulls break above the 21-day SMA barrier, Ether will rise to a high of $3,800. The positive momentum will take the price to a psychological high of $4,000 or above.

On the other side, if bears breach the 50-day SMA support, the largest altcoin would fall even more. ETH/USD will initially drop to a low of $3,000. Meanwhile, the current value of Ether is $3,523.

ETH Technical Indicators Reading
The largest altcoin is caught between the moving average lines. Doji candlesticks are formed as Ether moves between the moving average lines. Doji candlesticks represent traders’ hesitation over the direction of the market.

Conclusion
The 4-hour chart shows Ether in a sideways trend between $3,300 and $3,600 due to traders’ hesitancy. The bulls and bears have failed to break through the range-bound levels, as Ether continues its range-bound advance above the psychological price threshold of $3,000. The cryptocurrency signal is range-bound since Ether is caught between the moving average lines.

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