Ethereum (ETH) saw a dip on December 9 but recovered back above the 21-day SMA.
On December 9, the bulls bought the dips and started an uptrend above the 21-day SMA. The largest altcoin is starting the second wave of its upward momentum. Buyers are hoping to push Ether above $4,000.
Ethereum price long-term analysis: bullish
A break above the recent high will catapult the altcoin to a high of $4,500. On the upside, the bears will offer resistance near the psychological $4,000 mark. The uptrend is currently encountering early resistance above the 21-day SMA. If the bulls are unable to break above the $4,000 high, the altcoin would have to range above the moving averages but below the recent high.
Analysis of the Ethereum indicators
Ether has risen above its 21-day SMA support. The extended candlestick tail below the 21-day SMA indicates strong buying during this period. On the 4-hour chart, the price bars were previously below the moving average lines, but are now correcting upwards as the altcoin regains upward momentum.
Technical Indicators:
Resistance Levels – $4,000 and $4,500
Support Levels – $3.500 and $3,000
What is the next direction for Ethereum?
Ether price has resumed its uptrend with the price bars back above the moving average lines. Ether is rising towards its previous high of $4,000. In previous price action, the market reached a high of $4,075 before being pushed back. Ether is expected to reach a high of $4,500.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
