Ethereum Hovers above $2,400 as It Resumes Its Bullish Ascent

Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is in a sideways move but resumes its bullish ascent. Ether retraced and commenced a sideways move below the $2,600 high. Presently, Ether is in a tight range between $2,400 and $2,600 price levels. Today, Ether is trading at $2,531 at the time of writing. On the upside, a price rebound above the current support will propel Ether to rally above the $2,700 high.

The bullish momentum will extend to the high of $3,000. However, Ether will decline if the bear’s breach is below the 21-day SMA or the $2,400 support. Nonetheless, ETH/USD will continue its range-bound movement where the current levels remain broken.

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

Ethereum Indicator Analysis
Ether has continued to rise as the price remains above the moving average lines. The upward sloping moving average lines are still pointing northward indicating the uptrend. On the 4-hour chart, the moving average lines are horizontal because of the termination of the uptrend. This has led to the sideways move of the cryptocurrency.

Conclusion
The biggest altcoin is in a range between $2,400 and $2,700 as it resumes its bullish ascent. The altcoin is declining toward the current support. The market will continue its upward move if it retraces and holds above the 21-day SMA. However, Ether will resume selling pressure if it breaks below the 21-day SMA or the $2,400 support.

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