Ethereum Cools Down Near Resistance Alongside Dogecoin, Ethereum Classic and Litecoin – Ethereum – US Dollars ($ ETH)
ether (CRYPTO: ETH) traded lower on Tuesday amid a cryptocurrency market taking a slight dip.
Ethereum has worked with other popular cryptocurrencies such as Dogecoin (CRYPTO: DOGE), Ethereum classic (CRYPTO: ETC) and Litecoin (CRYPTO: LTC).
Ethereum is down 0.7% to $ 3,497.75 at the time of writing.
See also: Is Ethereum a Good Investment?
Ethereum daily chart analysis
- Ethereum has moved closer to resistance but had a chilly day on Tuesday. The crypto trades in what technical traders call an ascending triangle pattern.
- The USD 4,000 level is now a possible area of resistance on the Ethereum chart. This has been an area that crypto has struggled to overcome in the past. The higher low trendline was somewhere where crypto has found support in the past and may continue to do so.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), suggesting that the crypto appears to have been bullish lately.
- Any of these moving averages could be considered a possible area of support in the future.
- The Relative Strength Index (RSI) has been moving sideways for the past few weeks and now stands at 54. This suggests that the stock is under a little more buying than selling pressure.
What’s next for Ethereum?
Bullish traders expect Ethereum to continue to move higher and eventually break above the $ 4,000 resistance. The bulls then look for a period of consolidation above the $ 4,000 area for possible further upside move.
Bearish traders want Ethereum to fall back to the higher low trendline, break below it, and then be able to hold below the trendline. This could lead to a possible turnaround and the start of a long-term downtrend.