Ethereum Stays Above $1,840 And Takes Aim At $2,000 Mark

Apr 07, 2023 at 12:20 // Price
Coin Idol
The Ethereum price is slowly approaching the psychological $2,000 mark

The Ethereum price (ETH) is slowly approaching the psychological $2,000 mark (ETH).

Long-term analysis of the Ethereum price: bullish

On April 5, the largest altcoin reached a high of $1,943, but investors could not continue the uptrend. After a brief setback, the altcoin climbed to $1,898 today. Ether will move above the $2,000 high once the bullish momentum is maintained above the resistance of around $1,900. However, if Ether falls below the $1,850 support, the current pullback could continue. The altcoin will be forced to continue moving in a band between $1,700 and $1,850. However, the decline is approaching oversold territory, which could put an end to the current selling pressure. In the meantime, Ether is still trading above the moving average lines despite the correction.

Analysis of Ethereum indicators

In period 14, Ether is at the 57 level of the Relative Strength Index. The alternative currency is still in the bullish trend zone and could rise. The price bars show an uptrend as they are above the moving average. As the stochastic on the daily chart is at 20, the bearish momentum should slow down. The oversold area of the market for Ether has been reached. In the oversold area, it is likely that buyers will emerge.

ETHUSD(Daily Chart) - April 7.23.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?

Ethereum has retraced its steps above the $1,800 support and continues its uptrend. On the 4-hour chart, Ether has retreated between the moving average lines. The cryptocurrency asset could go sideways again if it gets wedged between the moving average lines.

ETHUSD( 4 Hour Chart) - April 7.23.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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