Ethereum Continues Its Ascent And Sets Its Sights On The $2,000 Mark

Ethereum Continues Its Ascent And Sets Its Sights On The $2,000 Mark

March 28, 2023

The Ethereum price (ETH) has bottomed above the $1,700 support level after completing its required decline. The largest altcoin is currently trading at $1,726 according to the data after declining recently.

Long-term analysis of the Ethereum price: bullish

The current support has held since the rise was halted on March 17. On March 17, the cryptocurrency entered a sideways trend that led to a price movement that ranged between $1,700 and $1,850. An uptrend was expected for the altcoin, but it was rejected. The price indication suggests that Ether can reach $2,000 if the resistance level of $1,850 is broken. Selling pressure will increase if Ether falls and breaks below the moving average lines or support at $1,600. Ether has recently consolidated above the $1,700 support and continues to rise.

Ethereum indicator analysis

In the Relative Strength Index, Ether is at the 53 level in period 14. As it continues to rise to the previous high, the largest altcoin is in the uptrend zone. The price of Ethereum will rise as long as it stays above the moving average lines. The altcoin has started a new uptrend above the daily stochastic level of 30. On a lower time frame, the moving average lines have an upward slope, indicating an uptrend.

Technical indicators:

Key resistance levels – $2,000 and $2,500

Key support levels – $1,800 and $1,300

What is the next direction for Ethereum?

Ether has been fluctuating in a range since the rally ended on March 17. The price of the altcoin fluctuated just between $1,700 and $1,850. The cryptocurrency asset was trading above the support level of $1,700 after falling to a low of $1,687. The uptrend will continue if the existing support holds.

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. Readers should do their research before investing in funds.

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