Ethereum Remains In A Horizontal Trend

The Ethereum price remains in a horizontal trend, trading between the $2,400 support and the $2,600 mark.

Ethereum price long-term analysis: ranging

Since May 10, as reported by Coinidol.com, the largest altcoin has been trading between the support levels of $2,200 and $2,800.

Today, Ether is trading in a limited range and is preparing for a possible breakout or breakdown. The price of the cryptocurrency has risen above the 50-day SMA and is approaching the high of $2,600.

As soon as buyers break through the $2,600 mark, Ether will rise to a high of $2,800. If Ether falls below the 50-day SMA, it could be caught between the moving average lines. The bullish scenario would then be invalidated and Ether would continue to move in a trading range.

Analysing the Ethereum indicators

The price of the cryptocurrency has risen above the 50-day SMA, which was previously trapped between the moving average lines. If the 50-day SMA support holds, the price of Ether will rise.

Currently, the price bars are higher than the horizontal moving average lines. This will drive the price of the altcoin higher.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500

Key Support Levels – $2.000 and $1,500

What is the next direction for Ethereum?

Ethereum will continue its uptrend if it breaks above the $2,600 mark. The altcoin will continue to rise above $2,800. However, the horizontal trend will continue if the $2,400 support and the $2,600 barrier hold. Ether is currently rising steadily to the $2,600 mark.

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.