Ethereum Regains Bullish Momentum but Struggles to Break the Minor Resistance at $2,300

Apr 23, 2021 at 12:49 // News
Coin Idol
Buyers could not sustain the bullish momentum above the recent high

Ethereum (ETH) bulls have broken their previous peak price of $2,544 to reach a high of $2,600. However, buyers could not sustain the bullish momentum above the recent high.

Ethereum Price Long-Term Analysis: Bullish

The market has reached the overbought region. Consequently, Ether has a sharp drop to the low of $2,150. The current support at $2,150 is holding as buyers resume a fresh uptrend on the upside. Possibly, a fresh uptrend will retest the $2,544 and $2,600 resistance levels. 

In the meantime, the upward move is facing a minor resistance at the $2,286 high. A break above the resistance will propel the biggest altcoin to resume up trending. ETH/USD is trading at $2,295.90 at the time of writing.  

Ethereum Indicator Analysis  

Ether is at level 56 of the Relative Strength Index period 14. It indicates that ETH is above the centerline 50 and capable of rising on the upside. The 21-day and 50 –day SMAs are pointing northward indicating the uptrend. There is a possibility of upside momentum as price is above the SMAs.

ETH - Coinidol.png

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What Is the Next Direction for Ethereum? 

Ethereum's downward move has reached bearish exhaustion as the altcoin finds support above $2,100. On April 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Ether will fall to level 1.618 Fibonacci extension or the low of $2,106. 57. From the price action, Ether fell to the low of $2,126 and resumed upward move.

ETH - Coinidol 2 chart.png

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. Readers should do their research before investing funds.

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