Ethereum (ETH) has risen above the moving averages but faces resistance at the high of $2,830. Buyers are making a reversal as they retest the recent high.
Ether will come out of the downward correction if buyers keep the price above the moving averages. Moreover, the upward movement will accelerate if Ether regains the previous highs.
Thus, the largest altcoin will rise and retest the resistance at $3,000 and $3,200. Today, buyers are still struggling to stay above the moving averages. Buyers are struggling to keep the price at the initial resistance at $2,830 and the bullish scenario will be confirmed if buyers overcome this level. On the other hand, bulls will lose the bullish trend zone if they are rejected at the high of $2,830. The biggest altcoin will decline and fall below the moving averages. The altcoin will continue to fall to a low of $2,159.
Ethereum indicator analysis
Ether is at level 53 of the Relative Strength Index for the period 14. The cryptocurrency is in the uptrend zone and is capable of further upward movement. The price of the cryptocurrency is still above the moving averages. The altcoin has a chance to rise if it stays above the moving averages. The largest altcoin has reached the overbought zone as it is above the 80% area of the daily stochastic. There is a chance that the price will fall.
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 an upward movement after the price rose above the moving averages. The upward movement has stalled at the high of $2,834. Meanwhile, the March 16 uptrend has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that ETH will rise to the 2.0 Fibonacci extension level or $2,945.
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-2830-high/