Ethereum Price Has Broken Key Resistance Levels and Faces an Uptrend as 2021 Comes Closer

Ethereum is the biggest altcoin that started the year with $129 which grew to $287 at the end of February. In March it faced rejection as the coin dropped to $89.

In the same month, Bitcoin also crashes to $4000. In April, Ethereum bulls bought the dips as the coin rebounded to resume upside momentum. From April to September, the price rallied but it faced resistance at the high of $488 in September. The initial resistance was broken as the coin resumed upside momentum. The crypto resumed the upside momentum as it rallied to $620 at the end of November. The altcoin is still struggling to break the resistance at $620. The biggest altcoin has experience ups and downs in the last twelve months.

Key Resistance Zones: $600, $620, $640

Key Support Zones: $160, $140, $120

Ethereum monthly chart indicator reading

Ethereum is in a smooth uptrend. The March retracement tested the bullish trend line and resumed upward. If the price retraces and breaks the trend line, the upward move will be terminated. The upward move is ongoing as the bullish trend line remains unbroken. The crypto is above the 80% range of the daily stochastic. It indicates that sellers may emerge in an overbought region.

Ethereum weekly chart indicator reading

Ethereum is trading at $557 after failing to retest the $620 price level. The Fibonacci tool indicated an upward movement of the coin to a high of $755. In 2020, Ether is fluctuating between $557 and $620, by 2021; the crypto is expected to be worth more than $1000.

Conclusion

Analysts believe that the biggest altcoin will be worth more than $1000 in 2021 as the crypto reached a high of $620. Ethereum is favorably disposed to increase in value given its recent projects and Defi market. Also, the Ethereum 2.0 implementation will enable it to attract more investors.  

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 own research before investing funds.