Ethereum’s Growth Continues As It Jumps Above $1,520

Cryptocurrency analysts of Coinidol.com report, the Ethereum price (ETH) has risen above its previous low of September 11.

Long-term analysis of the Ethereum price: bearish

The largest altcoin fell to a low of $1,521 before recovering. At the time of writing, the uptrend had reached a high of $1,580. Buyers are expected to regain the key support level above $1,600. However, the uptrend could face initial resistance at the $1,655 high or be stopped at the moving average lines.

Ether will be forced to form a trading range below the moving average lines if it is rejected at the current high. If the bulls break through the resistance at $1,655, Ethereum will rise above the moving average lines. The bullish momentum will continue to build until the previous high of $1,765 is reached. In the meantime, the cryptocurrency continues to trade below the moving average lines.

Ethereum indicator analysis

The Ethereum price bars remain below the moving average despite the price increase. Ether will decrease as long as it is in the bearish trend zone. However, the cryptocurrency price bars are above the moving average lines in the lower time frame. This means that the price increase will continue. Nevertheless, the downward trend of the moving average lines has remained constant.

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 largest altcoin will recover for the third time after falling below the support level of $1,500. Ether recovered and rose to a high of $1,760 during the previous dips. Ether has started to rise. The recent high was in an overbought market zone. If buyers surpass the recent high, the altcoin will reach the psychological mark of $2,000.

As we reported on October 13, the price of the largest altcoin has fallen below the September 11 price level. In short, Ether fell to a low of $1,521 before rebounding. At this point, the altcoin is worth $1,548. 

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-growth-continues/