Ethereum traded marginally to attain a new high of $1,862. Ether is still consolidating below the $1,860 resistance. There has been no significant price movement since February 10.
Yesterday, the major price movement was a rebound above the $1,760 support. The bullish momentum broke the recent high to reach a new high of $1,862. Presently, the market has fallen and the price is fluctuating below the $1,860 resistance.
Today, the altcoin has risen to $1,863 at the time of writing. On the upside, if the price breaks the resistance line of the ascending channel, the upward move will resume. The price will rally above the targeted price of $2,000. If the bulls sustain their push above the $2,000, the market will attain another high of $2,500. However, if the price fails to break the resistance of the ascending channel, the market will fluctuate between $1,700 and $1,860.
The most important level to look out for is the resistance line of the ascending channel. Technically, when price breaks and closes above it, it is presumed that further upside is imminent. Ether is now at level 69 of the Relative Strength Index period 14. This indicates that the cryptocurrency doesn’t have enough room to rally on the upside.
Major Resistance Levels – $1,800 and $2,000
Major Support Levels – $1.400 and $1,200
Ethereum is likely to move up as the market reaches a new high. The Fibonacci tool analysis is the same as the altcoin trades marginally. On February 10 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.272 Fibonacci extensions or a high of $1,932.74. However, the price will reverse and return to 78.6% Fibonacci retracement where it originated. However, the Reversal will not be immediate.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.