Ethereum’s Recent Breach Above $2,000 Subsides as It Hovers above It
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Ethereum Price Long-Term Analysis: Bullish
The price of Ethereum (ETH) surpasses the $2,000 psychological price barrier but hovers above it. Buyers are successful because they reclaim the critical support for $2,000. The largest altcoin has the advantage of reaching past highs. However, as it approaches the prior highs, Ether is expected to encounter resistance levels.
Nonetheless, in a strong trending market, purchasers will overcome higher-level restrictions. According to the price action, the market has lengthy candlestick wicks at a higher price level. On the plus side, Ether is predicted to reach a high of $2,200. At the time of writing, ETH/USD has reached a high of $2,024.50.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
Despite the earlier dip, Ether’s price bars have held above the moving average lines. Ether is falling in value as it confronts rejection at a high of $2,066. If the bears break below the $2,000 support level, the price of Ether will fall. When the 21-day SMA is violated, the selling pressure will resume.
Conclusion
Ethereum’s recent breach above the psychological price milestone of $2,000 may be fleeting as it hovers above it. Ether is trading in the market’s overbought zone. There is selling pressure on the largest altcoin at a high of $2,066. If the largest altcoin drops below $2,000, it will face increased selling pressure.
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