NEW!Incredible offer for our exclusive subscribers! Read More
ETH

Ethereum Continues Its Bullish Run As It Attempts to Jump Over $3,750 High

1 Mins read

Since April 19, Ethereum has been engaged in an impressive bullish run. The biggest altcoin has reached its targeted price of $3,542. Today, it is in a minor retracement for further upside momentum.

cryptonews.net

The altcoin’s next target price will be at the $4,000 high. Unfortunately, the current bullish momentum is likely to subside as the price indicators are indicating that Ether has reached an overbought region of the market. Nevertheless, the current retracement may find support above $3200. If it does the bullish momentum will resume on the upside. Conversely, if the price retraces and breaks below the $3,200 support, the altcoin will further decline to $2,250 low.

Ethereum indicator analysis

A bullish trend line is drawn showing the support levels of price. The uptrend is said to be ongoing as long as the bullish trend line remains unbroken. However, if the price breaks below the trend line, it is assumed that the current trend is terminated. The RSI and daily stochastic are still indicating level 73 and 80% range respectively.

Technical indicators:

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

Major Support Levels – $2.500 and $2,000

What is the next direction for Ethereum?

Ethereum is still in an upward move. The altcoin is likely to have a marginal upward move but may reverse at the recent high. On May 6 uptrend; a retraced candle body tested the 78% Fibonacci retracement level. This retracement indicates that Ether will rise to level 1.272 Fibonacci extension or the high of $3,982.44.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.

Related posts
AltcoinsBTCCryptoETHMiningOtherStock

Bitcentr launched the largest aid campaign!

1 Mins read
Ukraine is at war, war for our freedom but also for European freedom and democracy. People of Ukraine are in a big…
AltcoinsBTCCryptoETH

Beecrypt with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of beecrypt.net are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
AltcoinsBTCCryptoETH

Beecrypt with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of beecrypt.net are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *