Ethereum Rebounds but Is Unable To Surpass the $1,500 Barrier

Ethereum Price Long-Term Analysis: Bearish.
Ethereum’s (ETH) price has risen since falling to a low of $1,370 but is unable to surpass the $1,500 barrier. The bearish trend has weakened following the most recent recovery. The cryptocurrency’s value increased to a peak of $1.458. The largest altcoin is being rejected by the overbought region of the market. Similarly to that, it is encountering resistance at the $1,500 mark. On the plus side, the altcoin will surge to a high of $1,600 if the bulls break through the resistance at $1,500. In other words, it is currently trading in the $1,500–$1,700 range, which was the previous range-bound zone. Ether will be fluctuating below the most recent high if the bulls are unable to overcome the resistance at $1,500. At the time of writing, the price of ETH is $1,472.60.

Ethereum Indicator Analysis
Ether is still in a bearish trend despite the price recovery. It is at level 38 of the Relative Strength Index for period 14. The price bars’ position below the moving average lines is what’s causing the current decline. The bullish momentum has caused the market to become overbought. It is higher than level 80 of the daily stochastic.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

What Is the Next Direction for Ethereum?
Ethereum is attempting to resume an uptrend but is unable to surpass the $1,500 barrier. The price will resume moving upward if it moves past the $1,500 resistance level. On the 4-hour chart, Ether is wedged in between the moving average lines. This suggests that the largest altcoin will be forced to move in a range between the moving average lines.

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