Ethereum Faces Rejection At $2,800, Consolidates Above $2,700 Support
For the past two days, Ether (ETH) price has been retesting the $2,800 resistance to break it. On April 29 and 30, the bulls retested the resistance but Ether fell on two occasions to $2,700 low.
Ethereum Price Long-Term Analysis: Bullish
Ethereum bulls have earlier broken the resistance levels of $2,544 and $2,600 which has earlier impeded the uptrend since April 15. Buyers have pushed the biggest altcoin twice to retest the $2,800 resistance but have been repelled.
Ethereum is now in a range-bound move below the resistance. Further upward move is likely as the price consolidates below $2,800. A consolidation near a resistance increases the chances of a breakout. On the upside, if a breakout occurs, Ether’s next target price will be at the $3,400 high. On the other hand, if buyers fail to breach the recent high, the altcoin will be compelled to a range-bound movement.
Ethereum Indicator Analysis
The altcoin price has broken above the resistance line of the ascending channel. The current uptrend will resume upward if the price breaks and closes above the resistance. However, ETH/USD is now at level 69 of the Relative Strength Index period 14. It indicates that ETH has no room to rally on the upside. The price will soon be in the overbought region at level 70.
Major Resistance Levels – $2,800 and $3,000
Major Support Levels – $1.500 and $1,300
What Is the Next Direction for Ethereum?
The biggest altcoin has regained bullish momentum as bulls break the $2,544 and $2,600 resistance levels. The Fibonacci tool has indicated a possible movement of prices. On April 14 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that Ether will rise to level 2.618 Fibonacci extension or the high of $3,494.25.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.