Ethereum Stuck Below $2,150 but Consolidates Near Resistance Zone

Apr 09, 2021 at 13:02 // News
Coin Idol
Ethereum's current rally has been stalled below $2,150

Following its attainment of a peak price on April 2, buyers further pushed Ether to the high of $2,151.30 but could not sustain the upside momentum.

Ethereum's current rally has been stalled below $2,150 as the biggest altcoin is compelled to a sideways move. Meanwhile, since April 2, ETH price has been fluctuating between $2,000 and $2,150. The altcoin price appears to consolidate near the resistance zone of the market. This is an advantage to the bulls. It is argued that consolidation near the resistance zone increases the chances of a breakout on the upside. ETH/USD price is currently rising on the upside. A rally above $2,500 is expected if the current resistance is breached.

Ethereum indicator analysis  

Ether is still above the 80% range of the daily stochastic. This implies that it is in the overbought region of the market. Whereas the Relative Strength Index period 14 is at level 60. This shows that altcoin has room to rally on the upside. 

ETH - Coinidol (1).png

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What is the next direction for Ethereum? 

Ethereum is currently stuck below the $2,150 overhead resistance. The Fibonacci tool has indicated a partial upward movement of price. On April 2, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that Ether will rise to level 1.272 Fibonacci extension or the high of $2,298.34. From the price action, buyers are still struggling below the overhead resistance.

ETH - Coinidol 2 chart (1).png

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

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