The price of Ethereum (ETH) has held its recent high of $2,131, but has fallen back above the $2,000 support level.
Long-term analysis of the Ethereum price: Bullish
After falling to a low of $2,013, the largest altcoin is on the rise again. Ether’s current upswing will be interrupted if the bears fall below the psychological price threshold of $2,000.
If the bears manage to push the price below the $2,000 support level, the altcoin will experience a sharp decline. Ether will initially fall to a low above the $1,800 support level. If the buyers manage to keep the price above the high of $2,200, the positive trend will intensify. Should the buyers prevail, the bullish momentum will extend to a high of $3,000.
Analysis of the Ethereum Price indicators
Ether is recovering after the recent setback above the $2,000 support level. On the 4-hour chart, the retracement has fallen below the 21-day SMA but is above the 50-day SMA. Ether is expected to continue trending sideways as it is trapped between the moving average lines. Ether will resume its climb if buyers keep the price above the 21-day SMA and the $2,136 resistance 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 Ethereum coin is still trading above the psychological price level of $2,000 per coin. After the price drop on November 9, the altcoin is now trading between $2,000 and $2,135 per coin. If the resistance levels of $2,135 and $2,146 are broken, the current uptrend will continue.
Coinidol.com reported it our previous Ethereum price analysis that the bulls have broken through the resistance levels of $1,860 and $1,920 as the price rose to a high of $2,131 on November 9.
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.
