The price of Ether (ETH) is moving upwards. First, the largest cryptocurrency broke through the resistance line of the horizontal channel and reached a high of $2,800.
Next, ethereum rose to a high of $2,800, but with resistance. The cryptocurrency retreated and closed above the $2,600 support level. Today, buyers reached the $2,800 resistance level again.
The bulls are currently testing the resistance level again to break it. Once the resistance level of $2,800 is broken, ETH/USD will rise to a high of $3,450. However, if Ether falls back from the $2,800 resistance level, the market will drop to the $2,600 low. However, if the shorts break the $2,600 support level, Ether will return to its previous trading range between $2,205 and $2,600.
Ethernet Metrics Analysis
The price of Ether has broken above the 21-day moving average. A break of the 50-day line would complete the resumption of upside momentum. Currently, the cryptocurrency is between the moving averages, which will force the cryptocurrency to range. Despite the recent uptrend, Ether's relative strength index is at the 46 level in period 14. Ether is in a bearish trend zone below the mid 50s. Cryptocurrency is above the 60% region of the daily stochastic indicator. Ether has regained bullish momentum.
Major resistance levels – $4,500 and $5,000
Major support levels – $3,500 and $3,000
What is the next direction for Ether?
ETH / USD resumed its bullish momentum after the price rose above the horizontal channel resistance line. Buyers are also trying to break the $2,800 resistance level. A breakout would push the cryptocurrency to rally to the $3,450 or $3,600 price level.
Disclaimers. This analysis and prediction represents the author's personal opinion and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered as an endorsement by CoinIdol. Readers should do their research before investing their money.