Ethereum Recovers But Cannot Break Through The $3,800 Barrier

The price of Ethereum (ETH) has maintained its positive trend and has risen above the $3,700 resistance twice.

Long-term analysis of the Ethereum price: bullish

As the largest altcoin overcomes the $3,800 hurdle it will move to reach the psychological price level of $4,000. Currently, the price movement is being held back by doji candlesticks that are halting the uptrend. If Ether overcomes the resistance levels of $3,700 and $3,800, it will reach its previous high of $4,000. 

According to the price analysis by Coinidol.com, today, the price of the cryptocurrency broke through the $3,800 mark and is approaching the high of $3,900. Ether is currently encountering resistance. Should the bulls succeed, Ether could reach the 1.618 Fibonacci extension level or $4,086.71. Ether will continue to fluctuate above the moving average lines and below the recent high, where bullish momentum is encountering resistance. Ether is currently worth $3,890.

Ethereum indicator analysis

Ether's uptrend has continued, with the price bars remaining above the moving average lines. The 21-day SMA is sloping upwards and is closer to the price bars than the 50-day SMA, indicating an uptrend. Ether is recovering with the fading of the Doji candlesticks. The largest altcoin is gradually reaching the overbought sector of the market.

Technical Indicators:

Major Resistance Levels – $4,000 and $4,500

Major Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

On the 4-hour chart, Ether is in an uptrend after overcoming resistance at $3,700 and $3,800. Ether is moving slightly above the support level of $3,800 and if buyers maintain their positive momentum, the digital asset will reach the psychological price of $4,000.

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