Ethereum Pauses Near the $2,800 Barrier as It Risks a Decline

Ethereum (ETH) Current Statistics

The current price: $2,767.32
Market Capitalization: $332,845,416,485
Trading Volume: $11,759,627,402
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 25, 2024

Ethereum’s (ETH) price has broken above the 21-day SMA but risks a decline. The biggest altcoin has returned above the $2,200 support level and has resumed trading below the moving average lines since the August 5 price dip. On the daily chart, the cryptocurrency price has risen above the 21-day SMA.

Buyers are likely to drive the price to the high of the 50-day SMA, or $3,000. However, the upward trend has paused near the $2,800 barrier. If the altcoin falls below its recent high, it will decrease and resume a range-bound movement. In other words, the altcoin will fluctuate between the $2,200 and $2,800 price levels.

On the upside, if the initial barrier is broken, Ether will rise to its 50-day SMA high. At the time of writing, ether is worth $2,761.

ETH Technical Indicators Reading

Ether’s price bars are now located between the moving average lines. The altcoin will be compelled to move in a range between the moving average lines. Currently, the bullish momentum has paused amid the moving average lines. The selling pressure will return if the altcoin drops below the 21-day SMA support level.

Conclusion

Ethereum is trading modestly after hitting the $2,800 barrier mark but risks a decline. Doji candlesticks are appearing as the price movement remains flat. On the weekly chart, the price movement is being resisted by the 50-day SMA. In the long term, Ether is expected to fall farther to the downside. Meanwhile, the cryptocurrency signal is unfavorable, with Ether falling from its recent high.

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