Ethereum Pauses above $2,000 Support amidst Bullish Expectation

Ether price is hovering above the $2000 psychological price level after attaining a peak price of $2,142.70. On April 2, buyers pushed the biggest altcoin to the $2,150 resistance zone.

The uptrend was interrupted as the altcoin fell to the $2,000 support. Ether is now consolidating above the current support as price resumes a sideways move. The uptrend will resume if buyers defend the current support and push ETH price on the upside. Ethereum will rally $2,500 if the bulls are successful. However, if the bullish scenario fails to hold, the bears will break the current support, and the market will decline to $1,800 low. Meanwhile, Ether is fluctuating between levels $2,000 and $2,150.

Ethereum indicator analysis  

Ether is above 80% range of the daily stochastic. The stochastic bands are sloping below the 80% range. This indicates that the market is in a bearish momentum. The crypto’s price is above the moving averages which guarantee a possibility of a price rise.

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What is the next direction for Ethereum? 

Ethereum is likely to make an upward move on the upside. On April 3, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that Ether will rise to level 1.272 Fibonacci extension or the high of $2,300.57. However, the altcoin is likely to reverse from level 1.272 to level 78.6% Fibonacci where it originated.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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