The price of Ethereum (ETH) has surged above the moving average lines, reaching a high of $2,629, according to the latest analysis by Coinidol.com. The bullish momentum is expected to push the price even higher, with predictions indicating a potential rise to $3,000. However, resistance is expected at $2,800, where the bears may offer a challenge.
During the recent uptrend on September 13, Ether tested the 38.2% Fibonacci retracement line, suggesting that the altcoin may continue its upward trajectory. The price projections indicate a possible reach of the 2.618 Fibonacci extension at $2,959.15. However, failure to break through the $2,800 resistance level could lead to a downward trend, with previous rejections at this level resulting in a fall to the $2,200 support.
Technical indicators show that Ether is currently in an uptrend, with the price bars above the moving average lines. The current recovery is facing some resistance but remains above the moving averages. The altcoin is moving just above these lines, indicating a positive trend.
On the 4-hour chart, Ethereum is experiencing bullish fatigue after reaching resistance at $2,700. The altcoin is currently trading in the range of $2,500 to $2,600, with consolidation above the $2,600 mark. If the bulls manage to break through the $2,700 level, the positive trend is likely to continue.
In conclusion, Ethereum’s price analysis suggests a potential for further upward movement, with resistance levels at $4,000 and $4,500, and support levels at $3,500 and $3,000. Investors should conduct their research before making any investment decisions, as this analysis is based on personal opinions and should not be considered as financial advice.
