Crypto Blog
Ethereum’s price action has been relatively bearish in recent months, breaking below multiple support levels. However, investors can still be hopeful that an upward movement may be on the horizon.
The 50-day moving average, located around the $1,650 mark, is currently providing support and preventing a further decline to the $1,550 support level. However, if both the moving average and the mentioned support level are breached, the situation could deteriorate rapidly, with the price potentially dropping to $1,400 or even lower.
It is currently hovering around the $1,650 short-term support zone. If this level holds, the price is likely to initiate a new rally and potentially break above $1,750, aiming for the $2,000 level in the coming months.Ethereum’s price has been moving sideways, providing little indication of its future direction from a technical analysis perspective. Therefore, it would be beneficial to examine market sentiment.
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