Ethereum Price Growth Stalls at $3,400 Level
Ethereum (ETH) has been on the rise lately, with the price bouncing above moving average lines. The bears have tried to push the altcoin down to the $3,000 support level, but it has managed to recover each time.
Looking ahead, Ethereum’s price is currently testing the $3,400 mark for the third time, aiming to break through the resistance. The cryptocurrency has faced resistance twice before, especially around the $3,000 mark and the 21-day SMA support level. If buyers can keep up the positive momentum above $3,400, we can expect Ether to rally to $3,800 and potentially even reach $4,000. In case of a retracement from its recent high, Ether should find support above the 21-day SMA. As of now, it is trading at $3,423.
When we look at the indicators, we see that the price bars are above the 21-day SMA, indicating a bullish trend. However, on the daily chart, two candlestick wicks show resistance at the current high, suggesting significant selling pressure. The price action has been somewhat limited by doji candlesticks.
In terms of technical indicators:
– Resistance Levels: $4,000 and $4,500
– Support Levels: $3,500 and $3,000
So, what’s next for Ethereum? Well, on the 4-hour chart, Ether is trading sideways after being rejected at the $3,400 level. This caused the altcoin to resume its sideways movement on November 23. The doji candlesticks on the upside raise some doubts about a further increase in the cryptocurrency’s price.
As always, it’s important to remember that this analysis and forecast represent the personal opinions of the author. They are not recommendations to buy or sell cryptocurrency and should not be seen as an endorsement by any publication. It’s always best for readers to conduct their own research before making any investment decisions.
