The price of Ethereum (ETH) has bounced back after crossing the $3,400 mark. The largest altcoin has reached a high of $3,570 at the time of writing.
Ethereum long-term analysis: bullish
The positive momentum is likely to reach the psychological price level of $4,000, but will encounter resistance at the high of $3,800. However, the recent high represents a first obstacle to the uptrend.
On the downside, if the altcoin falls back, it will drop above the breakout level of $3,400. Support above $3,400 will push the altcoin back up. If the initial barrier is broken, the market will resume its uptrend. In the meantime, Ether is on the retreat but remains above the $3,600 support.
Analysis of the Ethereum indicators
Ether rises above the 21-day SMA support and surpasses the $3,600 level. The altcoin has reached a resistance level and is pulling back. Doji candlesticks have formed, causing a small pullback. On the upside, the breakout has surpassed the extended candle tails.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
On the 4-hour chart, Ether is moving sideways above the moving average lines but below the $3,400 level. Today, the largest altcoin recorded a solid rise and broke through the resistance at $3,400. After rising above the $3,600 support, it has fallen back again. Nevertheless, further price increases in the positive trend zone are possible.
Coinidol.com reported on November 25 that the bears pushed the altcoin to the $3,000 support level twice before it recovered.
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.
Source: https://coinidol.com/eth-returns-after-crossing/