Ethereum Remains Above $2,400 but Faces the $2,800 Barrier

Ethereum (ETH) Current Statistics

The current price: $2,525.88
Market Capitalization: $303,576,584,574
Trading Volume: $12,103,108,056
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 03, 2024 – the $2,800 Barrier

The price of Ethereum (ETH) has been restricted by moving average lines but faces the $2,800 barrier. The largest altcoin has constantly remained above the $2,400 support level while fluctuating below the $2,800 resistance. Buyers have been unable to sustain the price above the moving average lines during the last three weeks due to resistance near $2,800.

Furthermore, traders disagree on the direction of the market. Today, the cryptocurrency price is rising approaching the moving average lines. When Ether is rejected at the moving average lines, selling pressure will resume. At the time of writing, Ether is worth $2,533.

ETH Technical Indicators Reading – the $2,800 Barrier

The moving average lines have remained horizontal due to the cryptocurrency’s sideways movement. Ether risks fell when price bars stayed below the moving average lines. Today, Ether is declining as Doji candlesticks appear.

Conclusion

Ethereum’s price signal suggests a decline to its previous low as it faces the $2,800 barrier. On the weekly chart, buyers have struggled to keep the price above the moving averages. This points to a potential decrease in the coin. Meanwhile, the crypto signal is negative as the altcoin has continued to fall below its moving averages.

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