Cryptocurrency analysts of Coinidol.com report, the price of Ethereum (ETH) has entered the positive trend zone after breaking above the moving average lines.
The largest altcoin is trading above the support of $1,800 but below the high of $1,920. The price indicator has predicted a rise to the $2,000 psychological price level in the near future. At the time of writing, Ether had reached a high of $1,886.40.
Should buyers break through the $1,920 resistance, Ether will rise to highs of $2,000 and $2,100. However, if the altcoin is rejected at the recent high, it will fall and be forced to trade in a range between $1,700 and $1,800. Meanwhile, Ether is trading just below the $1,900 level.
Ether is at level 58 of the Relative Strength Index for the period 14. The altcoin is in a positive trend and has the potential for further gains. If the price bars rise above the moving average lines, the largest altcoin will gain. The bearish momentum has stalled below the daily stochastic level of 80. Buyers are retreating to prepare for a possible uptrend.
Key resistance levels - $1,800 and $2,000
Key support levels - $1,600 and $1,400
The 4-hour chart of ETH /USD shows a bounce. The altcoin has pulled back above the $1,800 support level, indicating that the rally has resumed. If Ether rallies above the $1,800 support, the altcoin will soar. The rise will approach the $2,000 psychological price level. However, the $2,000 psychological price level will increase selling pressure on the recent high.
On Jun 19, 2023, Coinidol.com reported that: As bulls bought the dips, the downtrend broke below the critical support level of $1,700. Buyers pushed the largest altcoin above the support level of $1,700 today.
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.