The price of Ethereum (ETH) has risen to the psychological price threshold of $4,000 for the second time.
Ethereum price long-term analysis: bullish
The largest altcoin peaked at $4,094 before retreating. For the second time, buyers have failed to sustain their bullish momentum above the current high. The retracement has ended and the altcoin is testing the resistance level again. Bitcoin, on the other hand, has crossed the psychological price threshold of $100,000, as Coinidol.com reported. If buyers are successful, Ether will break out above the $4,094 mark and rise to a high of $4,500. In the meantime, Ether price is fluctuating below the recent high. The 21-day SMA is trading near the price bars.
However, if Ether falls below the 21-day SMA, selling pressure will increase again. The bearish momentum will continue above the 50-day SMA or the low at $3,300.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
Ethereum indicator analysis
Long candlestick wicks indicate the psychological price barrier of $4,000. The candlestick wicks signal strong selling pressure at higher prices. The moving average lines have tilted further north, while the altcoin’s uptrend continues.
In which direction will Ethereum continue?
The 4-hour chart shows Ether trading above support at $3,500 but below resistance at $4,100. The uptrend has stalled at the $4,100 high, resulting in a pullback. If Ether is rejected at its recent high, it will fall and begin a range-bound trend. The signal for the cryptocurrency is bullish as the price bars remain above the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author, 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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