Ethereum Recovers In The Fight Against Resistance At $1,650

Feb 27, 2023 at 15:05 // Price
Coin Idol
The high of $1,650 is the point where the current bullish momentum has stalled

Ethereum (ETH) price has risen after breaking the 21-day line SMA. The largest altcoin is rising again and testing the resistance of $1,700.

Long-term analysis of the Ethereum price: bullish

However, the high of $1,650 is the point where the current bullish momentum has stalled. The price of the cryptocurrency is fluctuating below the initial resistance level. On the shorter time scale, Ether is also rejected at the 50-day line SMA. If buyers manage to overcome the initial resistance, Ether will rise to a high of $1,700. However, the altcoin could fall below the 21-day moving average line if Ether is rejected at the recent high. A low above the $1,500 support level is possible for the altcoin's further decline.

Ethereum indicator analysis

Ether has reached the 53 level of the Relative Strength Index for the 14 period. It is currently in a bullish trend zone and could rise further. Moreover, the price bars are above the moving average lines, which indicates that the price of the cryptocurrency will rise even further. The overbought zone of the market has been reached. The daily stochastic value for Ether is above 80, and since it is in the overbought zone, the risks for Ether are bearish.

ETHUSD(Daily Chart) - February 27.23.1.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?

Ether is moving below the $1,650 resistance level on the 4-hour chart. The altcoin is incidentally contained between the moving average lines. Ether is likely to fall until it reaches the $1,600 level or the 21-day line SMA. If the price falls below the $1,600 support, the selling pressure will increase again.

ETHUSD(4 Hour Chart) - February 27.23.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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