Ethereum Starts An Uptrend And Sets Its Sights On The $2,850

The price of Ethereum has risen to a high of $2,605 after maintaining its uptrend.

Ethereum price long-term analysis: bullish

The price trend has paused below the recent high. A long candlestick wick is near the high of $2,500 from May 9. On the downside, Ether will continue its uptrend to the $2,850 high if it retraces and finds support above $2,400.

The altcoin will fall above the psychological price threshold of $2,100 if it declines and falls below the $2,400 mark. The largest altcoin may fall further towards the 21-day SMA support. Ethereum is worth $2,544 at the time of writing.

Ethereum indicator analysis  

Both price bars have moved well above the moving average lines. The moving average lines are showing a bullish crossover, with the 21-day SMA above the 50-day SMA. The market will continue to rise as the price bars are above the moving average lines. On the 4-hour chart, the price bars are close to the 21-day SMA. A break below the 21-day SMA would signal selling pressure.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $2.000 and $1,500

What is the next direction for Ethereum?

Either the price has initiated an uptrend as it is trading above the moving average lines.

On the 4-hour chart, the cryptocurrency price is making higher highs and higher lows as it approaches the $2,600 level. Either is in a small pullback but remains below the $2,600 resistance.

Ethereum is trading in a narrow range above $2,500 and below $2,600. Once the $2,600 barrier is broken, the altcoin will restart its upward trend.

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.