The price of Ethereum (ETH) has continued to rise after remaining above the psychological price barrier of $3,000 for some time.
Long-term analysis of the Ethereum price: bullish
In the first bullish March, the bulls retested the $3,000 high from February 20, 2024. It took the bulls another five days to break and surpass the $3,000 mark. The buyers have the advantage when it comes to driving Ethereum (ETH, Ether) back to its previous high. At the time of writing, Ether is now worth $3,254. The uptrend encounters initial resistance at the high of $3,290.
If buyers overcome the resistance at $3,290, Ether will rise above $3,300. The bullish momentum will lead to a high of $3,500.
Analysis of the Ethereum indicators
Ether price bars have regularly risen above the 21-day SMA, which serves as a support line. The current upswing will end when the moving average lines are broken. The altcoin has reached the overbought zone of the market. The altcoin is currently facing rejection as it approaches its high at $3,300.
Technical Indicators
Key resistance levels – $2,600 and $2,800
Key support levels – $2,400 and $2,200
What is the next direction for Ethereum?
The 4-hour chart shows that Ether is in a gentle uptrend. The largest altcoin has reached a high of $3,300. However, buyers are struggling to maintain their bullish momentum above the recent high. The uptrend will continue once buyers break above the recent high.
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.
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