Ethereum Recovers But Remains Below The High Of $1,920

May 29, 2023 at 12:04 // Price
Coin Idol
Ethereum is above the moving average lines

Ethereum price (ETH) is rising as it crosses the moving average lines. The rally was short-lived as the price was stopped at the $1,920 barrier. At the resistance level, the market was overbought, making further price movement unlikely.

Long-term analysis of the Ethereum price: bearish

However, in a market that is moving up quickly, Ether will recover and start moving. The target price or psychological price level of $2,000 will be reached. However, the biggest altcoin is moving back above the moving average lines. If the price moves back above the moving average lines, the current price trend could continue. However, if the price breaks below the 50-day line SMA, Ether will resume its fluctuating movement. The largest altcoin will be trapped between the moving average lines for the time being. In other words, the Ether price will move in a range between $1,750 and $1,920 for a short time.

Analysis of Ethereum indicators

After the price  recovery, Ether is now on the 14-day Relative Strength Index at level 59, and the probability of further upward movement is increased as the price bars are just above the moving average lines. However, the market for this altcoin has reached an overbought condition. The daily stochastic of Ether is above the level of 80, which indicates an overbought position.

ETHUSD_(Daily Chart) – May 29.23.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 is above the moving average lines but remains below the $1,920 resistance. Price action has been consistent above the moving average lines. The largest altcoin has fallen into the range bound zone, which would mean a likely move for a few days.

ETHUSD(4 –Hour Chart) - May 29.23.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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