Ethereum Rebounds and Breaks $1,280 Resistance as Its Eyes the $2,013 High
Ethereum (ETH) has risen above its moving average lines. In other words, the largest altcoin is trading in the bullish trend zone.
If the uptrend continues, Ether will rise to the high of $2,013. However, further upward movement of the cryptocurrency is doubtful as the market is reaching the overbought region. Sellers will appear in the overbought region and push prices down. On the downside, Ether might fall above the 50-day line SMA. Ether will resume its upward movement if the 50-day line SMA holds. Selling pressure will resume if the price falls below the moving average lines.
Ethereum indicator analysis
Ether is at level 63 of the Relative Strength Index for the period 14. The largest altcoin is in the uptrend zone and could continue to rise. Ether’s price bars are above the moving average lines, which indicates that the cryptocurrency will continue to rise. The altcoin is above the 80% area of the daily stochastic. The market has reached the overbought zone as sellers are showing up and pushing prices down. The current uptrend is likely to be short-lived.
Major Resistance Levels – $2,000 and $2,500
Major Support Levels – $1,000 and $500
What is the next direction for Ethereum?
Ether is now trading in the bullish trend zone as the price has risen above the moving average lines. The altcoin will continue to rise above the moving average lines if the bullish momentum is maintained. The current uptrend is likely to be rejected at the high of $1,900.
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. Readers should do their research before investing funds.
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