Ethereum (ETH) Rebounds Above $4,100 Support but Faces Rejection at $4,280 High
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price rebounded above $4,100 and retested the $4,280 resistance zone. The bulls could not break the resistance level as Ether faces rejection at the recent high. Eventually, Ether will decline as the biggest altcoin trades in the overbought region. On the downside, the market is likely to decline to $4,100 if it faces rejection at the recent high. On the upside, buyers are unlikely to breach the recent high as the altcoin reaches the overbought region.
Ethereum Indicator Analysis
The crypto’s price bars are above the moving averages as price finds support above the 21-day SMA. It indicates that the altcoin is in the bullish trend zone. Ether has risen to level 62 of the Relative Strength Index period 14. Ether is above 80% area of the daily stochastic. The stochastic bands are fluctuating above the 80% area. The coin is in the overbought region.
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 but it is facing rejection at the $4,280 high. Since October 21, buyers have failed to breach the resistance level. Meanwhile, on October 28 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension or $4,273.84.
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