Ethereum Stays Stable but Struggles below the $3,600 High

Ethereum (ETH) Current Statistics
The current price: $3,510.17
Market Capitalization: $421,231,388,005
Trading Volume: $12,595,249,892
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis March 29, 2024
The price of Ethereum (ETH) has remained in the range of the moving average lines but struggles below the $3,600 high. Since March 16, the price has been constant between $3,200 to $3,600. Nonetheless, on March 25, the price movement stayed stable below the 21-day SMA, or resistance at $3,600.

For the previous five days, Ether has bounced between $3,400 and $3,600, indicating a bullish trend. On the upside, if ETH/USD breaks above the 21-day SMA, it will rise to its previous high of $4,100. The bullish momentum will continue until the high of $4,500. The market will rise above the $3,200 support level or the 50-day SMA if the bullish scenario is rejected.

ETH Technical Indicators Reading
Ethereum remains range-bound between the moving average lines. The price bars have been restricted to the moving average lines. Ether will trend when there is a price breakout or breakdown. The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend.

Conclusion
The biggest altcoin is now in a sideways trend but struggles below the $3,600 high. Ethereum prices range from $3,160 to $3,600. On the daily chart, ETH/USD sits between the 21-day and 50-day SMAs. Ether will continue trending once the range-bound levels are broken. In other words, the crypto signal will remain range-bound inside a specified range.

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