Ethereum Is Recovering And Heading Towards The High Of $3,000

The price of Ethereum (ETH) has risen after the cryptocurrency rose above the moving average lines. ETH price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bearish

Yesterday's upside momentum was halted by the 50-day SMA and resistance at $2,600. Should the bulls break through the current barrier, Ether will retest its high at $2,800.

If the uptrend continues above $2,800, Ether will rise to $3,400. However, the positive situation would be undermined if Ether turns down from the 50-day SMA and the resistance level of $2,600. ETH will then fall back to its previous low of $2,300 and then to the critical support of $2,200. Meanwhile, Ether is trading at $2,549.

Analysis of the Ethereum  indicator

After the recent uptrend, Ether's price bars are now above the moving average lines. ETH will continue to rise if it finds support above the moving average lines. However, if the altcoin fails to hold the recent high, it will fall below the moving average lines. Price action includes doji candlesticks, which keep traders guessing about the direction of the market.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

ETH has continued to make gains above the $2,300 support level, reaching a high of $2,600. Since September 20, the uptrend has paused at a high of $2,600. Ether is bouncing below its high. If Ether fails to reach its current high, selling pressure will increase again.

On September 18 Coinidol.com reported that a break above the moving average lines could mean a continuation of the uptrend. The price of Ether then was $2,378. 

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