Ethereum Rallies Above $3,000, Breaches More Resistance Levels

May 03, 2021 at 13:17 // News
Coin Idol
Ethereum is retracing on the downside

Following a successful breaking of the $2,544 resistance, Ethereum bulls have breached more resistance levels. Presently, Ether is trading at $3,199 at the time of writing. The current uptrend is retesting the resistance at $3,200.

As a result of the minor resistance, the biggest altcoin is retracing on the downside. The biggest altcoin will rise to $3,500 if the initial resistance is breached. However, if the altcoin turns down from the recent high, the market will decline to $2,800 support. Besides, sellers are likely to emerge as the altcoin is said to be in the overbought region since April 28.

Ethereum indicator analysis  

In the current bullish run, Ether price has broken the resistance line of the ascending channel. The current uptrend will continue if the price breaks and closes above the resistance line. In the meantime, ETH is at level 78 of the Relative Strength Index period 14, Also, Ether is above the 80% range of the daily stochastic. The price indicator has shown that the altcoin is trading in the overbought region of the market. Therefore, we should expect a downward movement of price.

ETH 0 Coin idol.png

Technical indicators:  

Major Resistance Levels – $2,800 and $3,000

Major Support Levels – $1.500 and $1,300

What is the next direction for Ethereum? 

Ethereum has broken above the resistance at $2,800 to attain a new price level. According to the Fibonacci tool, the market is likely to rise. On April 15 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that Ether will rise to level 2.618 Fibonacci extension or the high of $3,529.60 

ETH 0 Coin idol 2 chart.png  

Disclaimer. This analysis and forecast are the author’s personal opinions and 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 funds.

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