Ethereum (ETH) Is In a Range Bound Move below $2,150 Resistance
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Ethereum Price Long-Term Analysis: Bullish
Since April 2, Ether’s price has been stalled below the $2,150 resistance. The market now fluctuates between $2,000 and $2,150. ETH/USD is consolidating near the resistance zone of the market. Consolidation near the resistance zone increases the chances of a breakout on the upside. Meanwhile, on April 3, a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will rise to level 1.272 Fibonacci extensions or the high of $2,303.32.
Ethereum Indicator Analysis
Ether is at level 59 of the Relative Strength Index period 14. It indicates that ETH is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMA are sloping on the upside indicating the uptrend. The biggest altcoin is above the 75% range of the daily stochastic. The biggest altcoin is approaching the overbought region.
Technical indicators:
Major Resistance Levels – $2, 500, $2,700, $2,900
Major Support Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum?
On 4- hour Chart, Ethereum is in a range bound move as the altcoin trades below the overhead resistance. On April 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The candle body tested the retracement twice on April 3 and 7. This indicates that the market will rise to level 1.618 Fibonacci extension or the high of $2,372.17.
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