The Ethereum price continues its upward trend and has crossed the $4,094 barrier to reach $4,400.

Ethereum price analysis for the long term: bullish

The cryptocurrency price fluctuated between $4,100 and $4,000 until August 12, when it finally broke through.

Ether will likely test the next resistance at $4,800. Ether will reach its historic price of $ 4,864 if it breaks above the $4 800 mark. The next $4,800 resistance level will be the biggest altcoin. Ether will have to trade above the $4.400 support if it fails to breach the $4.800 level. Ether currently trades at $4,658.

Analysis of the Ethereum indicators

The price bars are located above the moving averages. The SMAs for 21- and fifty-days are slanted northwards to indicate an upward trend. The biggest altcoin trades in an overbought part of the market. Ether's price will drop if there are sellers in the overbought area of the market.

Technical Indicators

Key resistance levels - $4,000 to $4,500

Key Support levels - $2.000 to $1,500

What is the future direction of ETH?

Ethereum is in the overbought area of the market on the 4-hour chart. The price indicator predicts that Ether will increase, but reverse course at the Fibonacci extension of 1.272 or the high $4,604.91. The price of Ether has exceeded the predicted level but is now being rejected at the recent high.

Coinidol announced on August 6, that Ethereum's trading range had been established after the price crossed $4,000.

Disclaimer. Disclaimer. This analysis and forecast is the personal opinion of the author. These are not recommendations to buy or trade cryptocurrency, and should not be seen as endorsements by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.