Ethereum Rebounds Above $3,200 Support, Poises to Reclaim the $3,500 High

Ethereum Rebounds Above $3,200 Support, Poises to Reclaim the $3,500 High

April 9, 2022

The price of Ethereum (ETH) has bounced back above the moving averages after the recent slump. Ether will attempt to rise above the moving averages if the price holds above them. Unlike XRP, the largest altcoin will rise to regain the $3,500 price level.

After that, buyers will try to push the altcoin to the next resistance at $3,800. Today, the price movement has started as Ether returns above the $3,200 support. In the second uptrend, Ether will rise and retest the high at $3,500. ETH/USD will resume its upward momentum if buyers manage to break above $3,500. On the other hand, if buyers fail to break the recent high, the altcoin will be forced into a trading range between $3,200 and $3,500. At press time, Ether is trading at $3,293.80.

Ethereum indicator analysis  

Given the recent upward momentum, Ether has risen to level 55 on the Relative Strength Index for period 14. The price of the cryptocurrency is above the moving averages, which is driving the cryptocurrency higher. The moving averages of the 21-day line and the 50-day line are up, indicating an uptrend. The altcoin is above the 25% range of the daily stochastic. The market has resumed its bullish momentum.

Technical indicators:  

Major Resistance Levels – $4,500 and $5,000

Major Support Levels – $3,500 and $3,000

What is the next direction for Ethereum? 

Ethereum has regained its bullish momentum after the price rose above the moving averages. The altcoin is rising to regain its previous highs. Meanwhile, the price entered an uptrend on April 5. A retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to the 1.618 Fibonacci Extension level or $4,210.16.

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 funds.

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