Ethereum Exceeds $1,660 And Reaches Bullish Exhaustion

Today, Ethereum (ETH), or Ether, hit a high of $1,706 before falling back. Cryptocurrency price analysis on October 24, 2023 by Coinidol.com.

The high of $1,750 will reject any further rise. Ether is testing the barrier zone of $1,750 for the third time. The $1,750 resistance zone has nipped the upside momentum in the bud. If the altcoin fails at the recent high, its price will move between $1,550 and $1,750.

Long-term analysis of the Ethereum price: bullish

The price of Ethereum (ETH) has been rising steadily since October 20, when it managed to stay above the $1,542 threshold. Bulls have defended the $1,530 level since September 11. If the $1,530 support level is tested again, the bulls will buy the dips. On October 20, the largest altcoin broke through the $1,600 resistance level and rose above the moving average lines.

Analysis of Ethereum indicators

The Ether price broke above the moving average lines, resuming its upward momentum. When the price bars above the moving average lines, the altcoin remains in the uptrend zone. The current uptrend of ETH will be over if it declines and falls below the moving average lines. The long wick of today's candle is directed upwards, signaling significant selling pressure at the higher price level.

Technical Indicators:

Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

Ether has reached bullish exhaustion after rising to a high of $1,706.20. The largest altcoin has currently fallen back above the $1,660 support. The price of the coin fluctuates between $1,660 and $1,700. If ETH breaks the support of $1,600, it will enter the negative trend zone.

Last week Coinidol.com reported that ETH price action suggested that an upside push is unlikely. Long candlestick wicks suggest a lot of buying is taking place at higher price levels. The altcoin rose to a high of $1,631 before being rejected at the resistance zone.  

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.