Ethereum Is In A Range And Faces A Breakout Or Crash

Apr 28, 2023 at 12:44 // Price
Coin Idol
Either a breakout or a breakdown will result in Ether entering a trend

Ethereum (ETH) is held by the moving average lines, and unlike Bitcoin, the price movement has not risen above the 21-day line SMA or the resistance of $1,900.

Long-term analysis of Ethereum price: bearish

The largest altcoin is contained within the moving average lines. This means that neither further upward nor downward movement of the coin is possible. Either a breakout or a breakdown will result in Ether entering a trend. Ether costs $1,908.80 at the time of writing. The limited price range for the cryptocurrency asset is between $1,800 and $1,900. Last week, the price of Ether moved within a limited range. The probability of the price falling is low. Ether will resume its positive trend if buyers keep the price above either the $1,900 resistance level or the 21-day moving average line.

Analysis of Ethereum indicators

The relative strength  index for Ether is at level 51 for period 14. Due to the recent upward movement, the largest altcoin has reached the price level of equilibrium. Ether continues to trade in a range as it is caught between the moving average lines. The altcoin is currently moving upwards above the daily stochastic level of 70.

ETHUSDDaily hart - April 28.23.jpg

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ethereum continues to be constrained by the moving average line. The sideways movement will continue for a few more days if the price is kept in check. For the cryptocurrency, the overbought area of the market is getting closer. Bullish fatigue will eventually set in for the current trend.

ETHUSD(4 Hour hart - April 28.23.jpg

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. Readers should do their research before investing in funds.

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