The price of Ethereum (ETH) has risen significantly and has crossed the moving average lines. Ether has risen to $2,700 and is approaching the resistance of $2,850.
Long-term analysis of the Ethereum price: bullish
If Ether price recovers, the bullish momentum could carry it to a high of $3,400. The upward trend will continue up to the highs of $3,600 and $3,800.
However, if Ether fails to break through the resistance of $2,850, it will fall and start a sideways movement below and above the moving average lines. In the meantime, ETH is testing the overhead resistance and trying to break through it and hold the price of $2,825.
Analysis of the Ethereum indicators
After the price rally, the price bars have risen above the moving average lines. Even though the moving average lines are pointing upwards, they remain horizontal. On the 4-hour chart, the 21-day SMA is sloping upwards parallel to the price recovery. The Doji candlesticks have declined while the altcoin continues its uptrend.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
The 4-hour chart shows that Ether is in an uptrend and the bulls are on the verge of breaking above the overhead resistance of $2,850. A break above the overhead resistance would signal the end of the two-month-old sideways trend.
However, if the positive momentum continues, the largest altcoin will enter a second upward cycle.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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