Ethereum Price Recovers Above $2,000 And Resumes Its Rise

The price of Ethereum (ETH) has risen again, reclaiming the psychological price barrier of $2,000. ETH price analysis by Coinidol.com.

Ethereum price long-term analysis: bullish

The largest altcoin was beaten back three times during the initial rally when it fell below the $2,000 support.

Today, on November 20, Ether has risen above the psychological price barrier of $2,000 per coin. If the current support holds, the altcoin will resume its uptrend. On the upside, if buyers break the resistance above $2,131, Ether is expected to reach a high of $2,200.

Buyers are still struggling to maintain positive momentum above the current support. The current upside momentum is expected to meet resistance at the highs of $2,030 and $2,080. If Ether loses the key support at $2,000, it risks falling below the 21-day SMA. Ether will fall sharply to the $1,810 support level.

Analysis of the Ethereum  indicators

Ether is recovering above the 21-day simple moving average support. Long candlestick tails were observed above the 21-day SMA. This shows that there is significant buying pressure above the 21-day moving average line. The price bars are supported by the 21-day SMA. If the moving average lines are breached, the Ether will come under selling pressure again.

Technical indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

Ether will continue its uptrend above the psychological price threshold of $2,000. The altcoin encounters resistance at higher price levels. Moreover, Ether is trading in the overbought zone of the market. The risks are increased when sellers appear in the overbought region.

Last week Coinidol.com reported that Ether fell to a low of $1,940 before recovering.  

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.com. Readers should do their research before investing in funds.