Ethereum Breaks Through The $3,000 Mark And Reaches New Historic Highs

The price of Ethereum (ETH) has rallied twice, but has yet to break above the 21-day SMA or the barrier at $3,040.

Long-term analysis of the Ethereum price: bearish

Unlike Bitcoin, Ethereum remains range-bound and below the moving average lines. The largest altcoin is threatening to fall while trading in a bearish trend zone. Today, buyers pushed Ether to the 21-day SMA high, but it failed to break through the barrier. Since April 13, buyers have failed to sustain their bullish momentum above the 21-day SMA. Ether will fall back to the previous low or current support if it is rejected by the 21-day SMA resistance line.

Should buyers prevail, Ether will rally to historical highs between $3,400 and $3,800. However, if Ether breaks the current support, the market will return to its previous low of $2,850. The downtrend will begin if the support level of $2,850 is broken. ETH/USD is currently worth $3,044.

Analysis of the Ethereum  indicators

The price bars remain below the moving average lines and continue their downtrend. On the 4-hour chart, the price bars are above the moving average, indicating growth for the cryptocurrency. Ether's upward movement is currently limited by resistance at $3,000.

Technical indicators:

Key resistance levels – $4,000 and $4,500

Key support levels – $3,500 and $3,000

What is the next direction for Ethereum?

The largest altcoin is still trading in a range below the 21-day SMA resistance line. Nonetheless, Ether is currently trading between $2,850 and $3,000. Ether's uptrend will continue if buyers manage to overcome the $3,000 hurdle. However, if buyers fail to keep the price above the moving average lines, the current price range will remain.

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.