Ethereum Hovers Above $1,900 And Experiences Another Upswing
Cryptocurrency analysts of Coinidol.com report, Ethereum price (ETH) is trading above the moving average lines while facing the resistance of $2,000 psychological price level.
Long-term analysis of the Ethereum price: bullish
The current uptrend should reach a high of $2,128 but faces resistance above the $2,000 level. At the time of writing, Ethereum is trading at $1,913.90. If the price stays above the moving average line, the positive momentum could continue. The largest altcoin will rise again and retest the $2,000 resistance. However, Ether could fall if the price drops below the 21-day simple moving average. Meanwhile, the cryptocurrency’s price is moving above the moving average lines.
Analysis of Ethereum indicators
Ether is moving above the moving average lines at the level of Relative Strength Index 53 for the period 14. When the price bars move above the moving average lines, Ether will rise. The altcoin is above the daily stochastic level of 80. Ether is in the overbought zone of the market and could fall.
Technical Indicators:
Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400
What is the next direction for Ethereum?
The largest altcoin is still trading above the moving average lines despite the decline. There is a chance that the altcoin will return to its previous highs. The decline is currently halted above the 21-day simple moving average. However, if the price falls below the 21-day moving average line, the selling pressure would increase again.
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.com. Readers should do their research before investing in funds.
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