Cryptocurrency analysts of Coinidol.com report, Ethereum price (ETH) is trading above the moving average lines but below the $1,900 resistance level.
Long-term analysis of the Ethereum price: bullish
It is difficult for buyers to advance to the recent high since the June 21 bounce. Price action has stalled near the $1,900 high.
At the time of writing, Ether is trading at $1,879.80. The largest altcoin is trading in a narrow range between $1,800 and $1,920. The price movement has been limited to a small range. The market will rise to the psychological price threshold of $2,000, where buyers will overcome the recent high.
However, the current resistance level is in an overbought region of the market. When sellers emerge in the overbought region of the market, the risks for Ether will decrease. Ether will fall to the breakout level of $1,720. In the meantime, Ether is stuck at its recent high.
Analysis of Ethereum indicators
The Relative Strength Index for period 14 is still at 58 as Ether is trapped between the moving average lines. As the price bars remain above the moving average lines, altcoin is trading in a bullish trend zone. This means that the cryptocurrency will continue to rise. On the daily stochastic, the bullish momentum has slowed down above the 25 level.
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?
The trend for ETH /USD is already sideways. A range has been established for the sideways trend. As long as the resistance and the current support are not broken, Ether will continue to move in a range. Ether is staved off at the $1,900 resistance while consolidating above the $1,800 support.
On Jun 23, 2023, Coinidol.com reported that: The largest altcoin is trading above the support of $1,800 but below the high of $1,920. The price indicator has predicted a rise to the $2,000 psychological price level in the near future.
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.
