Ethereum Faces Rejection And Approaches $1,920 High

Jun 03, 2023 at 12:10 // Price
Coin Idol
Ethereum will maintain its trend within the range

Ethereum price (ETH) is in the bullish trend zone as it moves three times closer to the resistance level of $1,920.

Long-term analysis of the Ethereum price: bullish

Since the price cut on May 11, the Ether price has only fluctuated between $1,750 and $1,920. The rising movement was stopped by the moving average lines. On May 28, the price of Ether rose above the moving average lines again. Before it was rejected, Ether reached a high of $1,925. After the price collapse on May 11, this was the first time the uptrend was restricted. The coin has already been rejected two other times. The largest altcoin is now sold at $1,902. If the bears fall below the moving average lines, the selling pressure on Ether will increase again. The price of Ether will fall to the lower range if it rises above the support level of $1,750. Currently, Ether is trading above the moving average lines but below the resistance level.

Ethereum indicator analysis

Ether will start to rise again when the Relative Strength Index for period 14 reaches 56. It is unlikely that Ether will climb upwards as the market is overbought. If the bears break below the moving average lines, the selling pressure on Ether will increase again. The risk associated with Ether has decreased as the stochastic on the daily chart is currently above the 80 level. Sellers are expected to emerge in the overbought zone and lower prices.

ETHUSD_(Daily Chart) – June 3.23.jpg

Technical Indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ethereum is expected to continue its movement between $1,750 and $1,920 as it faces rejection from the recent high. The largest altcoin would have continued its uptrend if it had broken the resistance level. Ether would have fallen back to the psychological ceiling of $2,000. For the time being, the largest altcoin will maintain its trend within the range.

ETHUSD_(4 –Hour Chart) – June 3.23.jpg

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 in funds.

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