Ethereum Starts Its Uptrend, But Stops At $1,691

Coinidol.com reports the latest price analysis of Ethereum (ETH). September 29, 2023 ETH price has continued to rise as the altcoin has risen above its moving average lines.

Ethereum Price Long-Term Analysis: Bullish

The bulls struggled to break the 50-day line SMA during the initial rally, but have since managed to do so. As it approaches the overbought area of the market, Ether is currently on the retreat. If the price pulls back and finds support above the moving average lines, the current uptrend will resume. The bullish momentum will now reach the price tops of $1,740 and $1,800.

If the altcoin declines and falls below the 50-day line SMA, the upside scenario will become worthless. Ether will be forced to move within the moving averages lines. At the time of writing, the price of ETH /USD is recovering and has reached a high of $1,688.00.

Ethereum Indicator Analysis

Ether is at level 59 on the Relative Strength Index for period 14 and is in the positive trend zone. The price bars are also above the moving average lines, which indicates that the price of the cryptocurrency continues to rise. Above the 80 level of the daily stochastic, the altcoin is in an uptrend. The overbought zone of the market for Ether has been reached.

Technical Indicators:

Key resistance levels – $1,800 and $2,000
Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

The price of the largest altcoin has risen above the moving average lines, resuming a positive trend. The value of the cryptocurrency is declining while reaching the high of $1,688. The cryptocurrency market is currently overbought. If Ether maintains its position above the moving average lines, the uptrend will continue. The uptrend will end if the price falls below the 50-day line SMA.

On September 25, Coinidol.com reported that the price of Ethereum (ETH) is falling fast after losing the critical support at $1,600.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.  

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• Source: https://coinidol.com/ethereum-uptrend-stops/