Ethereum’s Uptrend Slows Down When It Reaches The $3,400 Mark

Ethereum (ETH) price has continued its uptrend and bounced above the moving average lines. The bears have already pushed the altcoin to the $3,000 support level twice before it recovered.

Ethereum price long-term analysis: bullish

On the upside, the price of the cryptocurrency is testing the $3,400 mark for the third time, trying to break above the resistance. Ether has already faced resistance twice when it fell above the $3,000 low or the 21-day SMA support. If buyers maintain the bullish momentum above $3,400, Ether will rally to $3,800. The uptrend will continue to the high of $4,000. If Ether retraces from its recent high, it will return above the 21-day SMA. It is currently trading at $3,423.

Analysis of the Ethereum indicators

The price bars are above the 21-day SMA, which supports the uptrend. On the daily chart, two candlestick wicks indicate the resistance level. This shows that there is significant selling pressure at the recent high. The price action has been limited by the doji candlesticks.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

Ether is trading sideways on the 4-hour chart after rejecting the high of $3,400. On November 23, the largest altcoin was pushed back again, causing it to resume its sideways movement. On the upside, the doji candlesticks cast doubt on a further rise in the cryptocurrency.

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.