Ethereum (ETH) Breaks Resistance at $3,640, Signals Resumption of an Uptrend
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price has broken above the resistance at $3,600. The biggest altcoin has reached the high of $3,791. The crypto is likely to reach a high of $4,000. Meanwhile, on October 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ether will rise but reverse at level 1.272 Fibonacci extension or $3,915 high. From the price action, the market has risen to $3,791.The target price is at a level $4,000.
Ethereum Indicator Analysis
Ether is at level 63 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. It is also approaching the overbought region. The RSI is said to be overbought when price reaches level 70. Ether is above the 80% range of the daily stochastic. The market has reached the overbought region. It has been overbought for the past two days. However, the market will eventually fall.
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?
On the 4- hour chart, Ether has been consolidating below the $3,640 resistance. Yesterday, the bulls breached the resistance level as price rally on the upside. Ether may reach the previous high of $4,000. Nevertheless, the altcoin will face stiff resistance.
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