Ethereum Holds $2,000 Support In Anticipation Of Uptrend
The Ethereum price (ETH) has suffered a small decline after reaching a high of $2,135.
Long-term analysis of the Ethereum price: bullish
Ether buyers have failed to maintain bullish momentum above the recent high as the market remains overbought. The lowest price for the largest altcoin is $2,092.80 at the time of writing. The price of Ether is moving in a limited range between $2,080 and $2,120. The crypto price has been struggling to resume its uptrend over the past four days as it retests resistance at $2,120. The price indicator predicts that Ether will rise even further and reach its previous highs. Thus, the altcoin will reach its high of $2,200 if it overcomes the current resistance of $2,120. However, if the price falls below the 21-day line SMA, selling pressure may reappear. The largest altcoin will continue to fall until it reaches its previous low of $1,700.
Analysis of Ethereum indicators
The Relative Strength Index of 69 for the period 14 indicates that Ether is still trading in the positive trend zone. The altcoin will rise to the previous high of the cryptocurrency. As long as the price bars remain above the moving average lines, the largest altcoin will continue its rise. Ether is currently below the stochastic level 25 on the daily basis and moving in a bearish direction. With the Ether price holding above the psychological $2,000 level, the bearish momentum has subsided.
Key resistance levels – $2,000 and $2,500
Key support levels – $1,800 and $1,300
What is the next direction for Ethereum?
Ethereum is currently trading in a narrow range after its recent decline. The largest altcoin will continue to develop after breaking through the $2,120 resistance. Bulls are now holding the psychological price level of $2,000 in anticipation of an uptrend.
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.
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