The price of Ethereum has risen above the projected $3,515 level. The largest altcoin is nearing its all-time high of $4,094.
Ethereum price long-term analysis: bullish
The positive momentum was halted at the $3,700 resistance zone after breaking through the $3,500 mark. The largest altcoin went back above the $3,500 support level and continued its uptrend.
Today, the cryptocurrency climbed to a high of $3,825 before falling back. Ether has retraced above the $3,700 support but remains below $3,850. Should the bulls break through the $3,825 level, Ether will rise above the psychological price level of $4,000. However, Ether will fall if the bears break through the $3,700 support level.
At the time of writing, Ether is trading at $3,753.
Analysing the Ethereum indicators
The 21-day and 50-day SMAs are still tilted northwards, indicating an uptrend. While the uptrend continues, the 21-day SMA is getting closer and closer to the price bars. In other words, Ether will continue to rise as long as the price bars remain above the 21- and 50-day SMA support lines.
On the lower time frame, the extended candle tails point to the 21-day SMA support. There is strong buying pressure above the 21-day SMA support.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
In which direction will Ethereum continue?
Ethereum’s uptrend has stalled below the $3,850 level. The largest altcoin is targeting the psychological price barrier of $4,000.
Currently, the price of the cryptocurrency is trading above the support of $3,700 and below the high of $3,850. The price is stagnating above the support level of $3,700. The upswing will continue above the high of $3,850.
Last week the Ethereum price resumed its upward trend and surpassed the psychological mark of $3,000, according to Coinidol.com.
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.