Ethereum Breaks Through Resistance at $1,700 as Buyers Retarget High at $2,030September 9, 2022
The Ethereum price (ETH) is trading in the bullish trend zone as buyers try to keep the price above the moving average line. Once buyers hold the price above the moving average lines, the largest altcoin will resume its upward momentum.
Long-term analysis of the Ethereum price: bearish
The cryptocurrency will rise and retest the overriding resistance of $2,030. Nonetheless, the current uptrend is likely to be rejected at the recent high as Ether approaches the overbought area of the market. On the downside, the largest altcoin will fall back below the 50-day line SMA if it is rejected at the $1,700 resistance or the $1,780 high. However, if Ether falls below the moving average lines, selling pressure will intensify. Ether will fall to $1,424. The bearish momentum will extend to $1,280 if the bears break the support at $1,424.
Analysis of Ethereum indicators
Ether is at level 56 of the Relative Strength Index for the period 14. The cryptocurrency is trading in the bullish trend zone as the price breaks above the moving average lines. The price of the cryptocurrency is above the moving average lines, indicating a possible upward movement. The altcoin is above the 60% area of the daily stochastic. It is in a bullish momentum.
Key resistance zones: $2,500, $3,300, $4,000
Key support zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
Ethereum is still in an upward correction as the price breaks above the moving average lines. Ether has been steadily rising since August 29. The uptrend will continue if the resistance at $1,700 and $1,780 is broken. The price trend shows that Ether is trading at $1,700 at the time of writing.
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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