Ethereum Steadily Rises to $3,400

Ethereum’s price began its upward movement after breaking above the moving average lines, reaching a high of $3,237.

ETH price long-term analysis: bullish

Since the price drop on November 21, the largest altcoin has remained range-bound, staying above the $2,800 support but below the $3,400 resistance. The rising trend is likely to reach the $3,400 mark.

In previous price action, buyers were rejected twice at the $3,400 level. If buyers break through the $3,400 barrier today, Ether will surge above the $3,800 high. Bullish momentum is expected to continue until the psychological price level of $4,000 is reached.

However, if the upward trend remains below the $3,400 high, Ether will be forced to stay within its range, declining and continuing to trade above the $2,800 support. Meanwhile, Ether has continued to rise steadily.

Technical indicators:

• 
  Resistance Levels: $4,500 and $5,000

• 
  Support levels: $3,000 and $2,500

Ethereum price indicator analysis

Ether price bars have risen above their horizontal moving average lines. The cryptocurrency will continue to rise as long as it remains above the moving average lines.

On the 4-hour chart, the moving average lines are sloping upwards as Ether’s bullish trend resumes. The price bars have moved above the 21-day SMA support. The bullish momentum will be halted if the price falls below the 21-day SMA support.

What is next for Ethereum?

Ether is in an uptrend after breaking above the moving average lines on the 4-hour chart. The upward trend remains within its range, below the $3,400 barrier. Ether is currently trading above the moving average lines but below the resistance level of $3,400. The bullish trend will begin above the $3,400 mark.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.