Ethereum's Uptrend Is Approaching The Price Target Of $3,400

The price of Ethereum (ETH) has continued its uptrend and overcome the overhead resistance at $2,850. Price analysis by Coinidol.com.

Long-term analysis of the Ethereum price: bullish

Today, the largest altcoin reached a high of $3,232. Positive momentum is likely to reach the $3,400 mark. 

On July 15, Ether was trading near the $3,400 resistance level. Buyers could not sustain the positive momentum above $3,400, leading to a decline. The bulls are trying to break through the barrier as the altcoin reaches a high of $3,232. Once the resistance is broken, Ether will head towards the next resistance level, which is at $3,600. 

However, if Ether falls from its high of $3,400, it will decline. The largest altcoin will fall and trade below its previous high but above the breakout level of $2,850.

Analysis of the Ethereum indicators

The moving average lines are forming a bullish crossover as the altcoin continues to rise. The 21-day SMA has held above the 50-day SMA, suggesting a bullish indication. Ether price has paused with the development of Doji candlesticks. The Doji candlesticks suggest that traders have reached a point of indecision as the market approaches the overbought area.

Technical Indicators:

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

Key Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

Ethereum is currently in an uptrend, having peaked at $3,226 before falling. Buyers have not been able to sustain the rally above the $3,200 high. The altcoin has retreated and is now trading below its previous high in anticipation of a possible future rise. 

On a positive note, buyers are looking to reach the $3,400 price target.

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.