Ethereum Barely Moves And Rises Above $1,620 High

Ethereum (ETH) price has crossed the $1,620 resistance level, continuing its uptrend.

Long term analysis of Ethereum price: bullish

While approaching the next resistance at $1,678, Ether briefly rose. When an altcoin is trading in the overbought zone of the market, the upside movement is minimal. The next level of resistance at $1,678 is where Ethereum is likely to be rejected. When price tested this resistance level on October 29 and again on November 4, the largest altcoins were rejected. Currently, Ethereum will rise to a high of $1,800 if the Ether price breaks the resistance at $1,678. However, if an altcoin is rejected at its recent high, it will fall. The price of Ether will drop to a low of $1,352.

Ethereum indicator analysis

After the recent retracement, the price of ETH/USD is rising. The altcoin is at 75 for period 14 of the Relative Strength Index. Trading in the overbought zone of the market, Ether may fall. The altcoin’s upward movement can be attributed to the price bar being above the moving average line. Above the daily stochastic level of 30, the altcoin is in bullish momentum.

Technical indicators:

Main resistance levels – $2000 and $2500

Main support levels – $1500 and $1000

What’s the next direction for Ethereum?

Ether is moving sideways below the $1,678 resistance on the 4-hour chart. A Doji candlestick can be seen, which is responsible for the current rangebound movement. The candlestick represents the indecision of buyers and sellers.

Disclaimer. This analysis and forecast is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrencies and should not be seen as an endorsement by CoinIdol. Readers should do their research before investing in funds.