The Ethereum price reached a high of $2,737 on May 13. Buyers were unable to push the altcoin above its historical price of $2,800 on February 24.
Long-term analysis of the Ethereum price: bullish
Ethereum is experiencing rejection at higher price levels while bulls are buying the dips. The largest altcoin was rejected despite falling back above the key support of $2,400. Today, the largest altcoin has risen above the $2,600 support. A jump above $2,600 will push the price above the $2,800 mark. In both cases, the price will rise to the psychological price level of $3,000. The upward trend will continue to a high of $3,400. However, the upside scenario will be nullified if the altcoin fails to break through the $2,800 mark. On the downside, Ether will fall with the bears trying to break the critical support at $2,400, which will see the altcoin fall above the 21-day SMA or the support at $2,000.
Ethereum indicator analysis
The upward sloping moving average lines are now sloping horizontally as the upswing has come to an end. Over the past week, Ether has been trading in a range on the 4-hour chart. The cryptocurrency value is approaching the resistance zone. The doji candlesticks are limiting the price movement, causing the altcoin to fluctuate.
Technical indicators:
Key resistance levels – $4,000 and $4,500
Key support levels – $2,000 and $1,500
What is the next direction for Ethereum?
Ethereum has continued its positive trend and is approaching the $2,800 mark. On the 4-hour chart, altcoin is trading above the $2,400 support but below the $2,700 resistance. The price of the cryptocurrency is oscillating both below and above the 21-day SMA support. If the resistance line is broken, Ether will resume its uptrend.
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/ethereum-bounces-back/