The price of Ethereum (ETH) is in an uptrend, reaching a high of $3,944 before retreating on May 21. Price analysis by Coinidol.com.
Long-term analysis of the Ethereum price: bullish
The largest altcoin has pulled back below the $3,900 resistance level. Ether has been fluctuating below its recent high for four days, ending its uptrend. The doji candlestick indicates hesitation between buyers and sellers regarding market trends.
On the upside, the price indicator predicts a possible rise and reversal at the high of the 1.272 Fibonacci extension or at $4,225.66. On the other hand, if Ether fails at the $3,900 resistance level, it will fall to $3,440. In the meantime, Ether is currently worth $3,755.66.
Analysis of the Ethereum indicators
Following the vertical trend, Ether price bars are well above the moving average. However, the positive momentum faded when the altcoin hit resistance at $3,900. On the 4-hour chart, the bullish momentum has slowed down and the altcoin is trapped between the moving average lines. The price of the cryptocurrency will oscillate between the moving averages before the altcoin continues its trend.
Technical indicators:
Key resistance levels – $4,000 and $4,500
Key support levels – $3,500 and $3,000
What is the next direction for Ethereum?
On the 4-hour chart, Ether has fallen below the 21-day SMA but above the 50-day SMA. If buyers break through the barrier at $3,800, the market will return to its previous high. If the largest altcoin fails to resume a positive trend above the resistance level, it will fall further. In the meantime, the altcoin has remained below the resistance level.
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.com. Readers should do their research before investing in funds.
