Ethereum (ETH) has fallen back above the $3,000 support and has resumed its upward trend after peaking at $3,400.
Nevertheless, further upside for Ether is unlikely as it faces another rejection at the $3,200 high.
Ethereum price long-term analysis: bullish
This week, the largest altcoin fluctuated above the $3,000 support as it faces a rejection at its recent high, as reported by Coinidol.com. On the downside, ETH risks a decline if the current support level is breached. Ether will fall above its 21-day SMA or the $2,800 support. The downtrend will resume if the price falls below the moving average lines.
Ether is currently trading at $3,130, above its moving average lines.
Ethereum indicator analysis
Ether is pausing as the price bars remain above the moving average lines. The positive trend will continue as long as the price bars remain above the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating that the cryptocurrency is at risk of a decline.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
What is the next direction for ETH?
On the four-hour chart, Ether has fallen below the moving average lines. Buyers tried desperately to keep the price above the moving average lines but were unsuccessful. The price indicator predicts a likely drop to the 2.618 Fibonacci extension level or $2,680.72.
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.
Read the full article here
