Finally, Ether bulls have broken the $2000 overhead resistance after several attempts. This is on the basis that the bullish momentum is sustained.
The previous breakout on February 20 was a partial breakout as price slumped to a downward correction for over a month. The recent breakout was a result of price consolidating near a resistance zone. As buyers pushed Ether above the $2,000 overhead resistance, the next target price is in the region of $2,500. Presently, the biggest altcoin is approaching a high of $2,200. However, it is not expected of price to turn from the recent high as the bullish momentum is sustained. ETH, the biggest altcoin, is facing resistance at the high of $2,200. If the resistance is cleared the target price will be achieved.
The altcoin price is approaching the resistance line of the ascending channel. The uptrend proper will resume if price breaks the resistance line and closes above it. Ether price is still above the 80% range of the daily stochastic. The daily Relative Strength Index has also moved to the high of level 69. This indicates that there is little room for upside momentum.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1.500 and $1,300
Ethereum bulls have broken the overhead resistance which signals the resumption of upside momentum. On a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that Ether will rally to level 1.618 Fibonacci extension or the high of $2,995.41.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.