The price of Ethereum (ETH) is steadily rising. The altcoin is currently trading at $3,116.20 at the time of writing. The bullish momentum is expected to continue until the price reaches $3,200.
Traders should take advantage of this opportunity to place a buy order. If Ether reaches the $3,200 mark, it may encounter resistance. Ethereum is already trading and is approaching the market’s overbought zone. If the current uptrend continues past the $3,400 high, the largest altcoin will emerge from the downtrend. The cryptocurrency’s price will be higher than the moving averages, indicating that the altcoin will continue to rise. If the altcoin reaches a high of $3,200, it will be rejected and fall into the range zone. The altcoin will remain in a range of $2,800 to $3,200.
Analysis of Ethereum Indicators
Despite the current uptrend, Ether is at Relative Strength Index level 48 for period 14. The market is still in a downtrend and is trading below the 50-day moving average. Meanwhile, the cryptocurrency is trading above the daily stochastic’s 80 percent range. ETH/USD is currently trading in the overbought zone. The current bullish momentum could be fading as sellers emerge in the overbought area.
Technical indicators: $4,000 and $4,500 are major resistance levels.
Major Support Levels are $3,500 and $3,000 respectively.
What will Ethereum’s next step be?
Ether is in an uptrend on the 4-hour chart. Meanwhile, the September 30 uptrend has a candlestick that is testing the 61.8 percent Fibonacci retracement level. According to the retracement, Ethereum will rise to the 1,618 Fibonacci Extension level, or $3,213.67.
