Ethereum Faces Challenges At The $2,000 Level

The price of Ethereum has fallen sharply and has broken through the important $2,000 mark.

Ethereum price long-term analysis: bearish

After the price drop on March 10, Ether’s downtrend has eased, as reported by Coinidol.com. The largest altcoin moved in a range after falling to $1,889, its lowest point. Ether has been trading above support at $1,800 for a week, but below resistance/moving average lines at $1,950. Doji candlesticks have slowed and limited price movement.

Ether is rising today as it approaches the $2,000 peak and if it breaks above the 21-day SMA, it will move back in a positive direction. If the largest altcoin is unable to rise above the $2,000 level, it will continue to fluctuate.

Analysis of the Ethereum indicator

The price bars are below the moving average lines, which have dropped significantly. The price bars on the 4-hour chart are between the horizontal moving average lines. The doji candlesticks dominate the price action and slow down the price movement.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500

Key Support Levels – $2.000 and $1,500

What is the next direction for Ethereum?

Although the price is correcting upwards, Ether is stabilizing above the $1,800 support. The price has settled between the moving average lines on the 4-hour chart.

Since Ether is stuck between the moving average lines, it will probably be compelled to keep moving in a range-bound direction.

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