Ethereum Surges Ahead as It Approaches the Next Resistance at $3,400

The price of Ethereum (ETH) has been moving positively, reaching a high of $3,320. The bulls have broken through the resistance at $3,000 and $3,200. The largest cryptocurrency is approaching the next resistance at a high of $3,400.

If the bulls break through the resistance at $3,400, Ether will rally to a high of $3,800. Conversely, if Ether is rejected at the high at $3,400, it will fall. The largest altcoin will be forced to move between the $2,800 and $3,400 price levels. Currently, Ether has reached the overbought area of the market. The altcoin will likely face resistance at the recent high.

Ethereum indicator analysis

The largest altcoin is at level 70 of the Relative Strength Index for period 14. Ether is in the overbought region of the market. The upward movement is doubtful as the altcoin reaches the overbought region of the market. The price of the cryptocurrency is above the moving averages, which indicate further movement of the cryptocurrency. Ether is above the 80% region of the daily stochastic. Ether has reached the overbought region of the market. The moving averages of the 21-day line and the 50-day line are up, indicating an uptrend.

Technical indicators:  

Major Resistance Levels – $4,500 and $5,000

Major Support Levels – $3,500 and $3,000

What is the next direction for Ethereum?

Ethereum is in a gentle uptrend as the market has reached the high of $3,320. The uptrend will continue as long as the price bars above the moving averages or the uptrend line. The altcoin has reached the overbought region. The price of Ether will rise if it goes back above the moving averages or the trend line. The uptrend is considered to be over when the price falls below the moving averages or the trend line.

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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