Ethereum (ETH) Price Analysis: What is the Next Direction?

The price of Ethereum (ETH) reached a high of $3,441 on November 12. The largest altcoin entered the overbought zone when it was rejected at $3,400.

The price of Ethereum (ETH) reached a high of $3,441 on Monday, November 12. As the largest altcoin encountered resistance at $3,400, it entered the overbought zone.

Long-term analysis of the Ethereum price: bullish

After reaching a recent high, ETH price retraced to the $3,100 support. As Ether began to consolidate once more, the retracement halted at the $3,100 support. This suggests that the cryptocurrency could be on its way up.

On the upside, a breakout above the $3,400 resistance will propel ETH to new highs of $3,800 and $4,100.

However, if Ether reverses course and breaks the current support at $3,100, selling pressure will build, and the price will fall to a low above the 21-day SMA or the $2,800 support.

Analysis of the Ethereum indicators

Following the recent price increase, the moving average lines have shifted upwards from their previous horizontal positions. The price bars are still positioned above the moving average lines, indicating a continuation of the bullish momentum. On the 4-hour chart, the price bars are located between the moving average lines, suggesting that the cryptocurrency is trading within an intermediate range.

Technical Indicators:

Resistance Levels – $4,000 and $4,500

Support Levels – $3.500 and $3,000

What is the next direction for Ethereum?

On the 4-hour chart, ETH is bearish but confined within the moving averages. When confined within the moving averages, the largest altcoin is bound to trade within a range. The altcoin will breakout when either the 21-day SMA resistance or the 50-day SMA support is broken.

Last week, Coinidol.com reported that the bullish momentum is likely to hit the $3,400 level.