Ethereum Recovers And Takes Aim At The Psychological Mark Of $2,000

Apr 11, 2023 at 09:39 // Price
Coin Idol
Ether is back in an uptrend and has gained bullish momentum

Ethereum (ETH) price is recovering after hitting a low of $1,844.

Long-term analysis of the Ethereum price: bullish

At the time of writing, Ether has risen to a high of $1,897.10. Buyers are pushing the altcoin to regain its previous highs. According to the price indicator, Ether will rise to a maximum of $2,000. The $2,000 psychological price level for Ether will be reached if the $1,900 resistance level is overcome and the bullish momentum is maintained. On the downside, bulls buying the $1,844 low helped Ether survive the April 8 decline. Ether is back in an uptrend and has gained bullish momentum.

Ethereum indicator analysis 

Ether has a Relative Strength Index of 62 for the period 14. The altcoin is pushed by buyers to reach its previous high of $2,000. The price bars are above the moving average, which guarantees a continuation of the uptrend. Ether is moving up above the daily stochastic of 70. As it approaches the overbought area of the market, the altcoin is rising.

ETHUSD(Daily Chart) - April 10.23.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 in an uptrend as it approaches the overbought area of the market. If Ether breaks above the resistance at $1,943, a rally above the $2,000 price level can be expected. The Ether price is barely moving as it waits for the initial resistance to be broken.

ETHUSD( 4 Hour Chart) - April 10.23.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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