The Ethereum price has continued to rise above the moving average lines, but is facing the $4,800 mark.
Ethereum price long-term analysis: bullish
Buyers have twice failed to keep the price above $4,800, as Ether is trading above the moving average lines. If the price of the cryptocurrency rises above $4,800, the altcoin will go up above the high of $5,000. In addition, a price indicator suggests that the cryptocurrency will continue to rise.
On August 19, a bearish candlestick tested the 78.6% Fibonacci level. The retracement suggests that the cryptocurrency will continue its uptrend, but then reverse at the 1,272 Fibonacci extension level, which is at $5,429.63. Ether is at $44,660.50 at the time of writing.
ETH price indicators analysis
However, if the price reaches the $4,800 level again, the Ether price will retrace above the moving average lines. On the 4-hour chart, the price bar has slipped between the moving average lines, indicating that the cryptocurrency is moving within a certain range. On both charts, the moving average lines are sloping upwards, indicating an upward trend.
Technical Indicators:
Key Resistance Levels – $4,000 and $4,500
Key Support Levels – $2.000 and $1,500
What is the next move for ETH?
Ethereum is still in an uptrend, but the upward movement is limited by the $4,800 mark. On the 4-hour chart, Ether is trading in a narrow range between the $4,000 support and the $4,900 high. The price of the cryptocurrency is moving in the middle of its price range.
On the downside, a break below the $4,000 support will lead to renewed selling pressure on Ether. The rally will continue above the $4,800 high if buyers are successful.
Coinidol.com reported recently that the investor, who had previously held over 100,000 BTC, recently sold a portion of their Bitcoin holdings to acquire a massive amount of Ethereum (ETH).
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
