Ethereum Soars To Recent Highs as It Targets the $3,000 Mark
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Ethereum Price Long Term Analysis : Bullish
Ethereum’s (ETH) bullish momentum has surpassed the expected price of $2,733.21 as it targets the $3,000 mark. According to the price activity, Ether soared to a high of $2,858.90 before dropping back. It has now retraced to a low of $2,747.90 and is hovering just above the present support. If the current support holds, the uptrend will begin.
A break above the current high of $2,860 will send the altcoin soaring to a high of $3,000. However, if the bears breach the current support, selling pressure will resume. Ether will fall further, reaching a low of $2,659.30. Meanwhile, the altcoin is reverting to its prior highs.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
Ether’s price bars are much above the moving average lines, surpassing the previous high of $2,715. Following the current decline, the price bars on the 4-hour chart have dropped below the moving average lines. This will force the altcoin to fall even lower, returning to its prior lows.
Conclusion
Ethereum is preparing for the second leg of the upward momentum as it targets the $3,000 mark. On the 4-hour chart, the altcoin is currently trading between $2,740 and $2,860 price levels. When the biggest altcoin breaks through the resistance at $2,860, it will continue to rise. Nonetheless, the crypto signal remains bullish as it holds above the current support.
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