Ethereum Bounces below the $2,120 High as It Anticipates a Bullish Trend

Ethereum Price Long-Term Analysis: Bullish
Ethereum (ETH) price is moving sideways as it anticipates a bullish trend. The largest altcoin has been bouncing below the $2,120 resistance since April 14. The cost of the cryptocurrency has been fluctuating between $2,080 and $2,120. If the price of Ether rises above the $2,120 resistance, a new uptrend will begin. The altcoin will increase to a new high of $2,200. On the other hand, selling pressure will increase if the price of the cryptocurrency fluctuates and drops below the $2,080 support or the 21-day SMA. Ether’s price will drop to a low of $1,800. The bearish momentum will then continue to the low of $1.700.

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

Ethereum Indicator Analysis
The market for Ether is currently overbought. The Relative Strength Index level for period 14 is 69. Due to the overbought condition of the market, the price’s upward trajectory is likely to slow down. The fact that the price bars are still above the moving average lines indicates that Ether prices are rising. Ether is displaying a bearish momentum below level 40. The bearish momentum has slowed as the cryptocurrency swings within its range.


What Is the Next Direction for Ethereum?
Ethereum is fluctuating below its most recent high as it anticipates a bullish trend. The biggest altcoin is bouncing below the resistance in expectation of a bullish trend. The altcoin is predicted to reach a high of $2,200 if the current obstacle is removed.

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