The price of Ethereum has risen above the 21-day SMA support since June 9.
The altcoin was expected to be pushed to the support above the 50-day SMA by the bears.
Ethereum price long-term analysis: bullish
However, the bearish momentum stalled above the $2,400 barrier as Ether began its rangebound move. The largest altcoin hit a high of $2,726 today after rising and breaking above the 21-day SMA. The $2,700 mark is the point where the upward momentum paused.
As reported by Coinidol.com, since May 13, buyers have been working feverishly to break above the $2,700 level. Ether will rise above the $2,800 resistance if the altcoin recovers and breaks above $2,700. The high of $3,000 will be reached by the upside momentum.
But if Ether is unable to break through the current barrier, it will continue its move between $2,400 and below the $2,800 resistance. The current price of Ether is $2,674.
Ethereum indicator analysis
The price of the cryptocurrency recovered and broke above the 21-day SMA on June 9, signalling the start of an uptrend. Resistance at $2,700 stops the uptrend. The moving average lines are up, but the 21-day SMA is horizontal, signalling a downtrend.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next direction for Ethereum?
Ether has rallied above the moving average lines, but the upward momentum has been rejected above the $2,700 level. On the 4-hour chart, Ether has resumed its range-bound movement and is moving below the $2,800 high and above the $2,400 support.
Meanwhile, the price of the cryptocurrency is bouncing around the $2,700 level.
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.
