Ethereum (ETH) price entered an uptrend after breaking above the 50-day simple moving average on July 19.
Ethereum Long-Term Price Analysis: Bullish
On July 15, the bulls failed to hold the price above the 50-day simple moving average, 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. After 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 area between the moving average lines. Selling pressure will extend to the low above the 21-day SMA at $3,200.
Ethereum Performance Analysis
The cryptocurrency price has bounced above the 50-day SMA support after two tests of the barrier. The price bars are above the moving average lines but are facing resistance at the $3,500 high. The Ether price is stabilizing as doji candles are reappearing.
What is the future direction of Ethereum?
Ether price has been moving horizontally since July 15, when the rally stalled below the $3,500 resistance, as Coinidol.com wrote. The 4-hour chart shows Ethereum trading in a tight range above the $3,400 support but below the $3,500 barrier. Ether will rally if it breaks the $3,500 high. The presence of a doji candle will slow down the price movement.
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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
