Ethereum Remains above $2,300 as Bears Try to Short

Ethereum (ETH) Current Statistics

The current price: $2,373.61
Market Capitalization: $285.62B
Trading Volume: $13.37B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 05, 2024

Ethereum’s (ETH) price declines after rejection at the 21-day SMA and the resistance at $2,800. Buyers have failed to sustain the price above the $2,800 level and the moving average lines as bears try to short. The altcoin has fluctuated between $2,300 and $2,800 during the last month. Ether is falling as it approaches the $2,400 support.

On the downside, if the bears break the $2,300 support, the market will return to the $2,000 psychological price level. During the August 5 price drop, a retraced candle tested the 78.6% Fibonacci retracement line. The correction predicts that Ether will fall to the 1.272 Fibonacci extension, or $1,638.40. The current value of ether is $2,373.

ETH Technical Indicators Reading

The moving average lines are trending southward, indicating a bearish crossover. Ether prices have fallen below the moving average lines, indicating a drop in risk. The cryptocurrency price is consolidating as Doji candlesticks form.

Conclusion

Ethereum is trading close to the $2,300 support level and below the moving average lines as bears try to short. Ether is plunging following the rejection of the moving average lines. The cryptocurrency’s price is decreasing as it hovers above the current support of $2,300.

Ether will start selling pressure once it loses its current support level of $2,300. The crypto’s signal has been unfavorable, with the altcoin facing rejection at the moving average lines.

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