[Ethereum holds above $3,100 and continues its range-bound pattern]
On July 29, Ethereum prices fell towards support at $3,093 as buyers tried unsuccessfully to maintain the price above the moving averages. Currently, Ethereum price has reached a low of $3,172. If the bears break the $3,093 support, Ethereum could drop to the previous low of $2,850.
However, if the $3,093 support holds, Ethereum will trade sideways between the support and the moving averages for a few days. After the recent failed rally, the price bar remains below the moving averages, which are horizontal, indicating sideways price movements characterized by small swings and uncertain candlestick patterns.
According to Coinidol.com, Ethereum has been trading between $3,086 and $3,400 since July 25, holding above the $3,100 support. When support and resistance levels are broken, Ethereum will have a clear trend direction.
