Ethereum Revisits $1,600 Level as Sellers Resurface at the Recent High
Ethereum (ETH) is trading above the moving average lines or support at $1,500. The downside move against Ether stalled today. The digital currency has reversed course and is on the way up again.
After being rejected at the high of $1,600, Ether was initially forced to return to the support of $1,400. Today, the cryptocurrency is moving again, this time towards the resistance at $1,600. The altcoin is expected to rise and regain its previous highs of $1,600 and $1,800 if it overcomes the initial resistance. On the other hand, if Ether fails at the $1,600 resistance zone, it would quickly fall to a low above $1,400.
Ethereum indicator analysis
Ethereum is at level 63 in the Relative Strength Index for period 14, continuing its uptrend. This means that there is a chance that the value of the altcoin will increase. The price bars for Ether are higher than the moving average lines, indicating a potential increase. Ether is in an uptrend above the 60% area of the daily stochastic.
Major Resistance Levels – $2,000 and $2,500
Major Support Levels – $1,500 and $1,000
What is the next direction for Ethereum?
Ethereum has regained bullish momentum on the 4-hour chart after rising above the moving average lines. As Ether retraces its steps towards the $1,600 level, the bearish scenario is refuted. However, once the value enters the overbought zone, the upside will be restricted.
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 in funds.
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