Ethereum's Uptrend Continues And Challenges The High Of $3,700
The price of Ethereum (ETH) has been fairly stable over the past week. Price Analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bearish
The price of Ether has remained steady, hovering between $3,200 and $3,700, with minimal price fluctuation over the past week. On March 27, Ether price was rejected at the 21-day SMA or resistance level of $3,700. Ethereum's uptrend will continue if it breaks through this resistance level. Ether is currently trading at $3,592.
However, if the current resistance is breached, the largest altcoin will rise above the psychological price of $4,000.00. In contrast, Ethereum will continue to oscillate in a trading range where it fails to establish an uptrend above the 21-day SMA. Moreover, Ether will fall if it loses the 50-day SMA or the support at $3,200. The altcoin will fall to a low of $2,800.
Ethereum indicator analysis
The largest altcoin has been stuck between the moving average lines for over a week. The bulls and bears have not yet gained control of the price trend. This has led to the current price fluctuations. The price bars on the 4-hour chart are above the moving average lines, but the uptrend has stalled at the resistance at $3,700.
Key resistance levels – $4,000 and $4,500
Key support levels – $3,500 and $3,000
What is the next direction for Ethereum?
Ethereum will continue to fluctuate within the narrow range as it encounters rejection at the recent high. On the 4-hour chart, the price of the cryptocurrency has reached a bullish exhaustion and is fluctuating below the $3,700 level. Doji candlesticks indicate the hesitation of buyers and sellers regarding the market direction.
Coinidol.com reported previously that Ether was moving between $3,200 and $3,600 price levels. The price movement has been stable as traders enter a period of hesitation.
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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