Ethereum Is Still Rising as It Challenges the $3,800 Peak
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Ethereum Price Long-Term Analysis: Bullish
The price of Ethereum (ETH) has resumed its upward trajectory as it challenges the $3,800 peak. On March 5, the largest altcoin rose to a high of $3,805 but was met with stiff resistance at that level. The altcoin fell rapidly to $3,200 before recovering above the $3,500 support. The crypto asset is regaining ground above the $3,500 support as it resumes its upward trajectory.
Buyers hope to push the altcoin to the psychological price of $4,000. On the upside, if buyers conquer the $3,800 resistance level, Ether will rise to a high of $4,000. Ether is currently trading between $3,500 and $3,800. The cryptocurrency is currently worth $3,563.60.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
On March 5, Ether displayed a long candlestick tail going toward the 21-day SMA. This shows significant buying pressure above the moving average lines. The cryptocurrency fell rapidly and then promptly recovered above the moving average lines. Ether’s price bars will move above the moving averages. Ether is currently trading in the overbought sector of the market.
Conclusion
Ethereum’s upward trajectory continues as it challenges the $3,800 peak. On the 4-hour chart, Ether has risen above the $3,200 support as it approaches the $3.800 resistance level. The crypto signal stays optimistic as Ether continues its upward trend.
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