Ethereum Takes a Bold Step as Bulls Attempt to Breach the $2,800 Resistance

The price of Ethereum (ETH) is making positive moves to the upside. First, the largest altcoin broke through the resistance line of the horizontal channel and reached a high of $2,800.

Secondly, Ether rose to the high of $2,800 but was accompanied by resistance. The cryptocurrency retreated and closed above the $2,600 support. Today, buyers have reached the resistance level of $2,800 again. 

The bulls are currently testing the resistance level again in order to break through it. ETH/USD will rise to the high of $3,450 once the $2,800 resistance is broken. However, if Ether turns away from the $2,800 resistance level, the market will fall to the low of $2,600. However, if the bears break the $2,600 support, Ether will return to the previous trading range between the price levels of $2,205 and $2,600.

Ethereum indicator analysis

Ether’s price has broken above the 21-day moving average line. The breakout above the 50-day line will complete the resumption of the upward momentum. Currently, the altcoin is between the moving averages, which will force the altcoin to rangebound. Despite the recent upward movement, Ether is at level 46 of the Relative Strength Index for the period 14. Ethereum is in the bearish trend zone below the midline 50. The altcoin is above the 60% area of the daily stochastic. Ether has resumed its bullish momentum.

Technical indicators:  

Major Resistance Levels – $4,500 and $5,000

Major Support Levels – $3,500 and $3,000

What is the next direction for ethereum?

ETH/USD has resumed its bullish momentum after the price rose above the resistance line of the horizontal channel. Buyers are also trying to break through the resistance at $2,800. A breakout will propel the altcoin to rally to the $3,450 or $3,600 price level.

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 funds.

Source: Read Full Article