Ethereum’s price has regained positive momentum twice since breaking above the 21-day SMA barrier. ETH price analysis by Coinidol.com.
On October 26, buyers pushed the altcoin above the moving average lines, but it was halted by the 50-day SMA barrier. This rejection caused Ether to fall to a low of $3,933, but the bulls bought the dips.
Today, the cryptocurrency price has broken above the 21-day SMA for the second time. If the cryptocurrency closes above the 21-day SMA barrier, it will move to the next resistance level at the 50-day moving average line.
On the upside, a break above the 50-day SMA will push it to a high of $4,752. The bullish momentum could continue to a high of $4,958.
However, if buyers fail to maintain momentum above the 50-day SMA barrier, the cryptocurrency price will become trapped between the moving average lines. Ether is currently trading at $4,030.
The bulls have the advantage as the price rises above the 21-day SMA. Ether’s price is above the 21-day SMA support but below the 50-day SMA barrier. Ether will trend if either the 21-day SMA support or the 50-day SMA barrier is breached.
On the 4-hour chart, the price bars are positioned between the upward-sloping moving average lines, indicating a bullish trend.
Ether is falling below the moving average lines, but the 50-day moving average line on the 4-hour chart is providing support. The cryptocurrency price is currently bouncing between the moving average lines. The bearish trend will continue if the 50-day SMA support is violated. ETH will drop to a low of $3,784. In contrast, the largest altcoin will restart its upward trend once it breaks above the 21-day SMA threshold.
