Ethereum Pauses above $2,000 Support amidst Bullish Expectation

coinidol.com April 05 2021 19:52, UTC
Reading time: ~2 m

Ether is above 80% range of the daily stochastic

Ether price is hovering above the $2000 psychological price level after attaining a peak price of $2,142.70. On April 2, buyers pushed the biggest altcoin to the $2,150 resistance zone.

The uptrend was interrupted as the altcoin fell to the $2,000 support. Ether is now consolidating above the current support as price resumes a sideways move. The uptrend will resume if buyers defend the current support and push ETH price on the upside. Ethereum will rally $2,500 if the bulls are successful. However, if the bullish scenario fails to hold, the bears will break the current support, and the market will decline to $1,800 low. Meanwhile, Ether is fluctuating between levels $2,000 and $2,150.

Ethereum indicator analysis  

Ether is above 80% range of the daily stochastic. The stochastic bands are sloping below the 80% range. This indicates that the market is in a bearish momentum. The crypto’s price is above the moving averages which guarantee a possibility of a price rise.

Technical indicators:  

Major Resistance Levels – $2,500 and $2,700

Major Support Levels – $1.500 and $1,300

What is the next direction for Ethereum? 

Ethereum is likely to make an upward move on the upside. On April 3, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that Ether will rise to level 1.272 Fibonacci extension or the high of $2,300.57. However, the altcoin is likely to reverse from level 1.272 to level 78.6% Fibonacci where it originated.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.


Crypto News is the news aggregator about cryptocurrency, ICO, mining and blockchain.