Ethereum Battles the Resistance at $4,800, Resumes Uptrend
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price has continued to make an upward move. Yesterday, buyers attempted to push the crypto above the $4,800 high but were resisted. The biggest altcoin declined sharply to the low of $4476 as bulls bought the dips. Today, the uptrend has resumed as price makes a series of higher highs and higher lows. On the upside, if price breaks above the $4,800, Ether will rally above the $5,000 high. However, if buyers fail to overcome this resistance, the altcoin will resume a sideways move.
Ethereum Indicator Analysis
Ether has fallen to level 65 of the Relative Strength Index period 14. Despite the retracement, the altcoin is in the uptrend zone and capable of a further upward move. Ether is in a bullish momentum as it is above 50% area of the daily stochastic. The stochastic bands are sloping upward indicating the uptrend. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum?
Ether is in an upward move. The current uptrend is facing resistance at $4,800. Buyers have been repelled on two occasions at the resistance. Meanwhile, on November 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.618 Fibonacci extension or $5,133.32 .
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