The Ethereum price (ETH) has resumed its upward movement after breaking above the $1,700 resistance. Buyers have been desperately trying to break through the $1,700 resistance since July 28.
Long-term analysis of Ethereum price: bullish
Today, August 8, 2022, Ether has risen to the high of $1,770. It is likely that the largest altcoin will rise above $1,800 if the bullish momentum is maintained. On the upside, if buyers push Ether above the resistance at $1,700 and $1,785, the altcoin will reach the high of $2,013.
On the other hand, if the bulls fail to break through the resistance at $1,785, Ether will decline and continue the rangebound movement. In other words, the market will fluctuate between the prices of $1,560 and $1,785. Meanwhile, the price movement was insignificant as the doji and spinning tops candles are undecided.
Ethereum Indicator Analysis
Ether is at level 65 of the Relative Strength Index for the period 14. The largest altcoin is in the bullish trend zone and approaching the overbought area. The cryptocurrency’s price bars are above the moving average lines, indicating a possible upward movement. The altcoin is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought zone. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.
Technical Indicators
Key resistance zones: $2,500, $3,300, $4,000
Key support zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
The Ether price has broken through resistance at $1,700 and is approaching the next resistance at $1,785. The altcoin will continue to rise after breaking through resistance at $1,785. Meanwhile, on July 19 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ETH will rise to the level of the 2.0 Fibonacci extension or $1,854.31.
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/eth-breaks-narrow/