Ethereum Trades Marginally as It Consolidates Above $1,500

Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is now on the rise as it consolidates above $1,500. The largest altcoin has continued to trade in a narrow range between the $1,500 support and the $1,600 resistance. Buyers tested the $1,600 resistance zone twice, but they were unable to keep up their bullish momentum over it. Above the $1,500 level, the negative momentum against Ether has stopped for the day.

Ether was initially compelled to drop to the $1,400 support after being rejected at the $1,600 high. If the altcoin overcomes the initial resistance levels, it is anticipated that it would increase and retest its previous highs of $1,600 and $1,800. Currently, the altcoin is falling, impeding upward movement. Ethereum would quickly drop to a low price if the exchange rejected it.

Ethereum Indicator Analysis
On the Relative Strength Index for period 14, Ethereum is still increasing at level 58. It suggests that the altcoin will appreciate. The Ether price bars are above the moving average lines, suggesting that the price may rise. Ether is below the daily stochastic’s 20% range. It indicates the current downturn’s bearish depletion.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
MajorSupport Levels – $1.500, $1, 300, $1,100

What Is the Next Direction for Ethereum?
On the 4-hour chart, Ethereum has reversed below the moving average lines as it consolidates above $1,500. In any case, the market has now entered the oversold region. The price of Ethereum might start to increase once more buyers start to exit the oversold region of the market. Bullish candlesticks indicate that the price is continuing to rise.

You can crypto coins here. Buy LBLOCK

Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results