The price of Ethereum has risen to the psychologically important $4,000 mark.
Ethereum price long-term analysis: bullish
The largest altcoin rose to $3,942.50 before pulling back. In the latest price action, bullish momentum reached a high of $4,094 before selling pressure picked up again. The altcoin fell to a low of $1,385 before recovering.
Ether fell to $3,760 today after reaching the $4,000 barrier zone. Should the bulls overcome the overhead resistance of $4,000, Ether could rise to the high of $4,800.
However, the upper resistance has not been breached since March 2024, as reported by Coinidol.com.
However, if Ether fails to break above $4,000, selling pressure will return. Initially, Ether will fall back to the low above $3,400. A further slide will lead to lows of $3,000 and $2,800. Ether price is currently  at $3,760.
Analysis of the Ethereum indicators
On the weekly chart, the price bars are above the downward moving average lines, indicating an upward trend. On the daily chart, the price bars are above the upward sloping horizontal moving average lines, which indicates an upward trend. If the price bars fall below the moving average lines, the upward trend has come to an end.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What’s next for Ethereum?
The Ethereum price has continued its upward trend as it pulls back above the $3,700 support level. The largest altcoin is gradually trending downwards. It is currently trading above the 21-day SMA support but below the high of $3,900.
On the downside, the uptrend will be halted if the altcoin retraces and falls below the 21-day SMA support. If the 21-day SMA support holds, Ether will be forced to trade in a range.
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.
