Ethereum Pauses Above $2,500 As It Heads For The Resistance Line Again

The price of Ethereum (ETH) rose above the moving average lines on October 14 and is trying to regain its upward momentum. The positive momentum peaked at $2,687 but then paused.

Ethereum price long-term analysis: bullish

The positive momentum also faded on September 27, when the altcoin fell below the moving average lines, as reported by Coinidol.com. 

Today, the decline has stalled at the $2,500 support as the altcoin resumes its uptrend. Ether is expected to rise and retest or break through the $2,800 barrier. A break above the resistance level will signal the continuation of the positive momentum. If Ether loses the $2,500 support, the risk of a decline increases. The altcoin will test its previous low at $2,300. Today, the largest altcoin price is $2,615 at the time of publishing.

Ethereum indicator analysis

On October 14, the price bars returned above the moving average lines. The currency is dropping towards the 21-day SMA support. The current uptrend will continue if the 21-day SMA support holds. Ether will enter a downtrend if the moving average lines are broken.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

On the 4-hour chart, Ether is trading sideways below the $2,700 level. Since September 23, the sideways trend has been moving between the support at $2,300 and the resistance at $2,700. Ether's uptrend was halted by the resistance at $2,700. On October 15, the extended candlestick wick indicates significant upward pressure on the price level.

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.