Ethereum Slumps Below $2,150, Unable To Sustain Above $2,200 Resistance Level

Apr 12, 2021 at 11:11 // News
Coin Idol
The bulls broke the $2,150 resistance after several attempts

Ethereum has taken a step further as it broke the $2,150 resistance. Ether price rallied to $2,200 high. The bulls broke the $2,150 resistance after several attempts.

In the previous price action, on April 10, buyers broke the resistance level but the bullish momentum could not be sustained as price fell back to the range-bound zone. Today, buyers have broken the resistance at $2,150 but price is fluctuating below and above the current support. 

On the upside, if the bullish momentum is sustained above $2,150, Ethereum will rally above the $2,500 high. Presently, the upward move is facing resistance at the high of $2,200. A break above the current resistance will propel price to rise on the upside. Conversely, if buyers fail to breach the resistance at $2,200, the market will be compelled to a sideways move below the recent high. Ether is trading at $2,165.30 at the time of writing.

Ethereum indicator analysis  

Ether price is approaching the resistance line of the ascending channel. The biggest altcoin will have an accelerated price movement if price breaks and closes above the resistance line. The crypto’s price is likely to rally on the upside as it is at level 63 of the Relative Strength Index period 14.


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 likely to rise as bulls break the resistance at $2,150. The price indicator has indicated an upward move of price. On April 3 and 7, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement gives the impression that Ether will rise to level 1.272 Fibonacci extension or the high of $2,299.45.  


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.

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