Ethereum Breaks Through The $1,700 Mark And Soars

The price of Ethereum (ETH) is on the rise as soon as it rises above the resistance level of $1,700. The largest altcoin is currently trading at $1,728.50.

Long-term analysis of the Ethereum price: bearish

Thanks to a breakout, Ether has surpassed its previous high. Since January 20, Ether has bounced back and forth below the $1,700 resistance level. The market will move above the moving average lines if the resistance level is tested again. At other times, the altcoin will start to move in the zone between $1,500 and $1,700. Similar price changes have occurred over the past two months. Today, the positive momentum is expected to continue. The market will rise to a high of $1,900.

Analysis of Ethereum indicators

Ether is rising at a Relative Strength Index of 61 for the period of 14. The value of the altcoin could rise much further. The altcoin will rise as long as the price bars stay above the moving average. Ether is rising above the daily Stochastic threshold of 80. The price of the altcoin is overbought.

Technical Indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What is the next direction for Ethereum?

The largest altcoin is currently testing the $1,700 level while on an upswing. Ether will continue to move higher if the current positive momentum is maintained. Ether has crossed the $1,700 mark and has the potential to rise even further. If there are more buyers at higher price levels, the value of the cryptocurrency asset will increase.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

Source: Read Full Article