Cryptocurrency analysts of Coinidol.com report, after the current rally, the price of Ethereum (ETH) has broken through the 21-day SMA.
Long-term analysis of the Ethereum price: bearish
The price of Ethereum (ETH) has risen above the $3,400 threshold. The bears have failed to sell at a lower price level. Following the current price rally, the bullish momentum has broken the 21-day SMA. Should the bulls break the 50-day SMA, the largest altcoin would revisit its previous high of $3,744. However, should the bullish momentum push beyond the resistance at $3,744, Ether will rise to the psychological price of $4,000. However, if the price of the cryptocurrency fails to break above the 50-day SMA, Ether will fall and be trapped between the moving averages.
Ethereum indicator analysis
After the current rally, the price of the cryptocurrency has broken through the 21-day SMA. Ether is trading above the 21-day SMA but below the 50-day SMA. The uptrend will continue once the 50-day SMA is breached. Ether will move sideways or get stuck between the moving average lines where it failed to break the 50-day SMA. On the 4-hour chart, the price bars appear above the moving average lines.
Technical indicators:
Key resistance levels – $4,000 and $4,500
Key support levels – $3,500 and $3,000
What is the next direction for Ethereum?
The 4-hour chart shows that the uptrend in Ether has resumed. The price of the cryptocurrency is showing a pattern of higher highs and higher lows. On the 4-hour chart, the uptrend has broken through resistance at $3,400. If the upward momentum continues above this barrier, the uptrend will reach the next resistance level at $3,744. The uptrend will encounter another obstacle at the high of $ 3,527.
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.
