Ethereum Continues Its Rise Within The Trading Range Above $2,100

The price of Ethereum (ETH) broke below the $2,100 support twice in February before falling back.

Ethereum price long-term analysis: bearish

The cryptocurrency, which is now trading above the $2,200 mark, recorded a slight pullback. The price of the cryptocurrency has been trading above the $2,200 support for the past three days.

On the downside, Ether will return to the psychological price level of $2,000 if selling pressure increases and breaks below the $2,100 support. 

On the downside, Ether will fluctuate between the support at $2,100 and the moving average lines or resistance at $2,800 if the support holds. 

Meanwhile, the largest altcoin hovering above the $2,200 support has encountered bearish fatigue, according to Coinidol.com.

ETH indicator analysis

Two long candlestick tails in February are pointing towards the $2,100 support. The price bars of ETH on both charts are below the moving average lines, which are sloping down. The doji candle at the bottom of the chart shows that the price movement has remained unchanged.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

Ethereum is currently trading at the bottom of the chart. The bears are trying to push the largest altcoin down to the next support level above $2,000. If the bulls hold the support level of $2,100, which has been in place since February 3, Ether will go into reverse. Ether corrects upwards in the meantime.

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.