Ethereum Hovers Above $2,400 And Is Heading For Its Highest Price

The price of Ethereum (ETH) is trading above the moving average lines. The largest altcoin is trading below the resistance level of $2,600 in anticipation of a further rise.

Long-term analysis of the Ethereum price: bullish

Ethereum has been in a sideways movement between $2,400 and $2,600 over the past week. Today, the altcoin has fallen and found support above the $2,400 support level. Ether is moving towards the recent highs of $2,600 and $2,700.

If buyers overcome the resistance at $2,700, Ether could rise to the high of $3,000. It is currently trading above the $2,400 support level, also known as the 21-day SMA. The largest altcoin is at risk of a decline once the current support levels are breached. The altcoin is set to drop to a low of $2,200. Meanwhile, the ETH/USD exchange rate stands at $2,500.80.

Analysis of the Ethereum  indicators

Ether's price bars are moving above the moving average lines, indicating that the price will continue to rise. The price bars on the 4-hour chart are below the moving average lines, which is due to the recent downtrend. The moving average lines are sloping north, indicating an upward trend.

Technical indicators:

Key resistance levels – $2,200 and $2,400

Key support levels – $1,800 and $1,600

What is the next direction for Ethereum?

Ether's price bars are moving above the moving average lines, suggesting that the price will continue to rise. The price bars on the 4-hour chart are below the moving average lines, which is due to the recent decline. The moving average lines are sloping north, indicating a rise.

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 the research before investing in funds.