Ethereum Holds Above The $2,100 Support And Rises Again

Ethereum rose above the psychological $2,000 level after falling to a low of $1,992 on March 4.

ETH price long-term analysis: bearish

Last week, bulls and bears engaged in a price battle above the $2,000 support. Rising prices were limited by resistance at $2,300. 

On the downside, the bulls are holding on to the $2,100 support as the price continues to rise. Ether will drop even lower to $1,750 if the bears break the current support. 

Conversely, if the buyers keep the price above the moving average lines, the uptrend will begin. In the meantime, Ether is trading in a tight range above $2,100 and below the $2,300 resistance or below the moving average lines, as Coinidol.com reports.

Analysis of the Ethereum indicators

The price bars for Ether are below both the 50-day and 21-day SMA, which are trending downwards. The 21-day SMA serves as resistance for the price bars. If the buyers keep the price above the 21-day SMA and the positive momentum is maintained, Ether will rise again. Doji candlesticks have emerged above the $2,100 support as Ether consolidates.

Technical Indicators:

Key Resistance Levels – $4,000 and $4,500

Key Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

After the February 28 plunge, Ether is currently hovering between the $2,000 and $2,300 levels, with the cryptocurrencies price oscillating below and above the moving average lines. In addition, the price movement since the appearance of the doji candlesticks.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.