Ethereum Swings As It Hovers Above The $3,400 Support

Ethereum (ETH) Current Statistics
The current price: $3,490.29
Market Capitalization: $419,342,018,190
Trading Volume: $14,610,280,114
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis June 13, 2024
Ethereum’s (ETH) price fell between the moving average lines but hovers above the $3,400 support. The cryptocurrency has fallen to a low of $3,431 and has begun to swing between the moving average lines. Ether has continued to fall as it nears the 50-day SMA support. If the cryptocurrency price falls below the 50-day SMA support, the market may drop to a low above $3,000 support.

On the downside, if the bears fail to break below the 50-day moving average line, the altcoin will be forced to maintain its range-bound movement between the moving average lines. ETH/USD‘s current market value is $3,446.

ETH Technical Indicators Reading
Since June 7, the cryptocurrency has been caught between moving averages. Despite the downward trend, the daily chart’s moving average lines are sloping up. On the 4-hour chart, the moving average lines are slanted downward, indicating a downtrend.

Conclusion
Ether is declining below the moving average lines and has reached bearish exhaustion but hovers above the $3,400 support. The altcoin is hovering above the $3,400 mark. The bears breached the present support twice, but the bulls bought the dips. On the daily chart, the altcoin fluctuates between the moving average lines. Similarly, the crypto signal has a limited range.

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