Ethereum is in a range while facing rejection at $1,820

Apr 03, 2023 at 17:55 // Price
Coin Idol
Ethereum continues to move sideways

Ethereum price (ETH) is moving sideways below the $1,840 resistance level.

Long-term analysis of the Ethereum price: fluctuation range

The largest altcoin has been trading between $1,700 and $1,850 since March 17. The cryptocurrency asset has been trapped between these two levels for the past two weeks. If these price levels are broken, Ether will develop a trend. At the time of writing, the altcoin's price is at $1,805. Ether will fall to its low of $1,600 if the bears break the $1,700 support. There could be continued selling pressure. On the other hand, the uptrend will resume if the price rises above the high of $1,850 and the upward momentum continues. The psychological price barrier of $2,000 will be broken by Ether. However, if the current support and resistance levels are not breached, the price could continue to move within a certain range.

Analysis of Ethereum indicators

In period 14 of the Relative Strength Index, Ether is at level 57. After the downtrend, Ether is now in an uptrend. In the area of the uptrend, it has more room to the upside. The price bars for Ether have remained above the moving average, indicating further upward movement. The daily stochastic is above 50, and the altcoin is moving in a bullish direction.

ETHUSD(Daily Chart) - April 3.23.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?

Despite being between the moving average lines, Ethereum continues to move sideways. This means that the price of the cryptocurrency will be forced to fluctuate between the moving average lines for a few days. When the price rises above the 21-day line SMA, the market will gain.

ETHUSD_(4 Hour Chart) - April 3.23.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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