Ether Is Overbought And Price Reaches A High Of $4,000

The price of Ethereum (ETH) has reached the psychological mark of $4,000, but has been unable to hold above this level.

Long-term analysis of the Ethereum price: bullish

According to the price analysis by Coinidol.com, the largest altcoin has broken the recent high, but three times the uptrend was resisted. Thus, the uptrend was resisted on March 12, 2024 at a high of $4,095.

The cryptocurrency fell well above the $3,800 support and began a sideways trend. The sideways trend moved between the $3,800 and $4,000 levels. Every time buyers push the cryptocurrency above the recent high, Ether will fall between the levels of the trading range.

On the upside, Ether will rally to the $4,300 high if the current resistance is broken and bullish momentum is sustained above it. Conversely, the current uptrend could end if the bears break below the support at $3,800 or the 21-day SMA. Ether will continue its decline to the low above the 50-day SMA or the low at $2,900. Ether is worth $4,046.40 at the time of writing.

Ethereum indicator analysis

Ethereum's uptrend continues with the price bars pointing north above the moving average lines. Ether will continue to rise as long as the 21-day SMA is not broken.

On the 4-hour chart, the Ether price bar is close to and above the moving average line. Ether is likely to fall shortly.

Technical indicators

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

What is the next direction for Ethereum?

Ethereum is expected to rise above the psychological level of $4,000.

The uptrend was stopped three times above the last high. In light of this, the most popular altcoin has been trading between $3,800 and $4,000 in anticipation of a positive trend.

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.