Ethereum price has continued its uptrend and crossed $4,094 to reach the next barrier at $4,400.
Ethereum price long-term analysis: bullish
The price of the cryptocurrency moved between the support levels of $4,100 and $4,400 until it finally broke out on August 12.
Ether is expected to test the next resistance level at $4,800. A breakout above the $4,800 mark will catapult Ether to its historic price of $4,864. The largest altcoin will encounter resistance at the next $4,800 level. If Ether fails to break through the $4,800 level, it will be forced to trade in an area above the $4,400 support. Ether is now trading at $4,658.
Analysing the Ethereum indicators
The price bars are above the upward moving average lines. The 21- and 50-day SMAs are tilted northwards, indicating an upward trend. The largest altcoin is trading in the overbought area of the market. Ether will fall if sellers appear in the overbought zone of the market.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next direction for ETH?
On the 4-hour chart, Ethereum has reached the overbought zone of the market. According to the price indicator, Ether will rise but then reverse at the 1.272 Fibonacci extension, or the high of $4,604.91. The price of the cryptocurrency has risen above the predicted level, but faces a rejection at the recent high.
Coinidol.com reported on August 6 that Ethereum’s price entered a trading range after crossing the $4,000 mark.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
