Ethereum Breaks $2,300 Minor Resistance, Poises To Resume Upside Momentum
Today, April 26, 2021, Ethereum (ETH) makes positive moves after breaking the minor resistance at $2,300. Undoubtedly, this current move will retest or break the $2,544 and $2,600 resistance levels.
Ethereum price long-term analysis: bullish
If buyers are successful above these resistance levels, Ether will rally above the $2,800 high. On the other hand, the bears may provide stiff resistance at these levels. However, if the biggest altcoin turns down from the recent high, Ethereum will resume a downward move. And if price falls and breaks below the moving averages, the downtrend will extend to the lows of $2,000 and $2,150. As earlier anticipated, the ETH price has broken above $2,500 high. ETH/USD will battle the resistance at $2,600. It was at that level the biggest altcoin crashed to $2,100 low.
Ethereum indicator analysis
The market is rising and also approaching the resistance line of the ascending channel. A break above the resistance line and subsequent closing above the resistance line will mean further upward movement of prices. Ether has risen to level 63 of the Relative Strength Index period 14. It indicates that ETH has room to rally on the upside.
Major Resistance Levels – $2,500 and $2,700
Major Support Levels – $1,500 and $1,300
What is the next direction for Ethereum?
On the 4 hour chart, Ether price has broken above the moving averages which indicate the rise of prices. The Fibonacci tool has indicated an upward movement of prices. On April 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Ether will rise to level 1.618 Fibonacci extension or the high of $2,821.36.
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.