Ethereum (ETH) has yet to develop bullish momentum as it has failed to break above the 50-day moving average line.
There is a tendency for the altcoin to rise when the bulls overcome the moving averages of the 21-day line and the 50-day line. Right now, the Ether price is likely to fluctuate between the 21-day line and the 50-day line.
Yesterday, Ether rallied to $3,288 but encountered resistance at the $3,300 zone. If the bulls overcome the $3,300 resistance zone, the market will rise to $3,800. On the other hand, if the bullish scenario is invalidated, ETH/USD will be forced to fluctuate between the $3,000 and $3,300 levels. The uptrend will resume when the fluctuation ranges are broken.
Ethereum indicator analysis
Ether price is still between the 21-day line and the moving average of the 50-day line, indicating a possible limit of the trading range. It is at the 55 level of the Relative Strength Index for the period 14. The altcoin is in an uptrend and is capable of further upward movement. The altcoin is above the 30% area of the daily stochastic. The market has resumed its bullish momentum.
Technical indicators:
Major Resistance Levels – $4,500 and $5,000
Major Support Levels – $3,500 and $3,000
What is the next direction for Ethereum?
ETH/USD is in a gentle uptrend. The price of Ether has retreated to the 21-day moving average line or $3,000 support to initiate a renewed upward movement. Over the past four days, the cryptocurrency’s price has fluctuated between $3,000 and $3,300.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
Source: https://coinidol.com/ethereum-3000-correction/