Ethereum Rallies and Revisits $1,940 High, Can Bulls Sustain an Upturn?

April 1, 2021, Ethereum price (ETH) bulls have taken a bold step as the altcoin rebounded above the $1,800 support.

Ethereum Price Long-Term Analysis: Bullish

In the last 24 hours, Ether price rallied to $1,940 high but buyers are finding penetration difficult at the recent high. In the meantime, the altcoin is still fluctuating below and above the recent high. It is a common belief among cryptocurrency analysts that consolidation near a resistance zone increases the possibility of a break above it.

Fortunately, the bulls have broken the recent high as buyers attempt to push above the $2,000 overhead resistance. On the upside, if buyers can clear the $2,000 overhead resistance, ETH/USD will rally above $2,500 high. Conversely, if the bulls fail to sustain the bullish momentum above the overhead resistance, Ether will be compelled to a range-bound movement below the resistance. Now, on April 1, 2021, Ether is approaching the overbought region of the market. This will impede the current price movement.

Ethereum Indicator Analysis  

Ether price is now above the 80% range of the daily stochastic. This implies that the market has reached the overbought region and an upward move is doubtful. This is also confirmed by the daily Relative Strength Index which is at level 63. If price reaches the overbought region, sellers will emerge to push prices down.

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 has made positive moves in the last 48 hours. The price indicator has given a clue of the direction of the market. On March 13 uptrend; the altcoin was repelled at a $1,943 high. The price retraced and the retraced candle body tested the 50% Fibonacci extension. This retracement indicates that Ether will rally to level 2.0 Fibonacci extension or the high of $2,494.19.

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

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