Ethereum (ETH) Surges Ahead, May Rally Above $2,800
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Ethereum Price Long-Term Analysis: Bullish
In its current uptrend, Ethereum bulls have broken the resistance at $2,544 and $2,600. Buyers are sustaining the bullish momentum as price reaches a high of $2,767.40. Meanwhile, the Relative Strength Index has indicated that Ether price has reached the overbought region of the market. On April 15 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the market will rise to level 2.618 Fibonacci extensions or high of $3494.46.
Ethereum Indicator Analysis
The biggest altcoin has risen to level 70 of the Relative Strength Index period 14. It implies that price has reached the overbought region of the market. The coin has not enough room to rally on the upside. Also, Ether is above 88% range of the daily stochastic. The overbought region implies that sellers may emerge.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum?
On the 4- hour chart, Ether is in a strong uptrend as the market reaches new highs. The biggest altcoin is approaching the high $2,800. However, as price reaches the high of $3,000, the market may show signs of an overbought condition. Nevertheless, in a trending market, an overbought condition may not hold.
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