Ethereum Continues Its Soaring Run

Ethereum Continues Its Soaring Run

Jul 23, 2024 at 12:32 // Price

Beyond that, the uptrend will continue to the high of $4,000

The price of Ethereum (ETH) has entered an uptrend after breaking above the 50-day SMA on July 19.

Long-term analysis of the Ethereum price: bullish

On July 15, the bulls failed to sustain the price above the 50-day SMA and it remained between the moving average lines for the next five days.

If the 50-day SMA support holds, the largest altcoin will try to rally. Ether will rise to the next resistance level at $3,730. Beyond that, the uptrend will continue to the high of $4,000. However, if the 50-day SMA support fails, the bears will push Ether back to the region between the moving average lines. The selling pressure will extend to the low above the 21-day SMA at $3,200.

Analysis of the Ethereum  indicators

The value of the cryptocurrency rebounded above the 50-day SMA support after two tests of the barrier. The price bars are above the moving average lines but encounter resistance at the high of $3,500. Ether price is stabilizing as doji candlesticks reappear.

ETHUSD_(Daily Chart) – July 21.jpg

What is the next direction for Ethereum?

The price of Ether has been moving horizontally since July 15, when the rise stalled below the $3,500 resistance level, as Coinidol.com wrote. The 4-hour chart shows that Ethereum is trading in a narrow range above the $3,400 support but below the $3,500 barrier. Ether will rise if it breaks above the $3,500 high. The presence of the doji candlestick will slow down the price movement.

ETHUSD_(4-hour Chart) – July 21.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

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