Ethereum Pauses Above the $2,800 Support as Buyers Recover

Azeez Mustapha

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Ethereum (ETH) Current Statistics
The current price: $2,879.11
Market Capitalization: $345,667,070,793
Trading Volume: $29,573,131,412
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis July 5, 2024
Ethereum price has fallen below the moving average lines but pauses above the $2,800 support. Today, the negative trend broke the current support of $3,300, reaching a low of $2,815. 80. The drop has paused above the historical price level of April 13. Since April 13, the crypto price has reverted upward at the $2,800 support.

Today, selling pressure has eased above the $2,800 support. If the current support holds, Ether will restore its upward momentum. The largest altcoin will ascend to its prior high of $3,400.If the bears breach the present support at $2,800, Ether will fall to a low of $2,300. Meanwhile, Ether is trading at $2,881.90 as of this writing.

Ethereum pauses above the $2,800 support as buyers recover
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has plummeted significantly, with price bars remaining farther below the downward-sloping moving average lines. Ether is still lingering above the current support level of $2,800, with long candlestick tails pointing to the $2,800 low. The extended candlestick tails indicate significant buying pressure at the current level.

Conclusion
Ether’s price pauses above the $2,800 support level as buyers recoup. The cryptocurrency price fell to a low of $2,809 before resuming oscillation above the present support. Ether is trading in a tight range of $2,800 to $2,900. The biggest altcoin will trend when the current levels of support and resistance are crossed.

Ethereum pauses above the $2,800 support as buyers recover
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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