Ethereum (ETH) Recovers From $2,980 Low, Approaches the $3,400 High
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Ethereum Price Long-Term Analysis: Bullish
Ethereum is in an upward move as it approaches the high of $3,153. Buyers are pushing Ether to retest the previous peak price of $3329. Meanwhile, on August 13 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 1.272 Fibonacci extension or level $3,818.54. From the price action, Ether is approaching the previous price level of $3,400.
Ethereum Indicator Analysis
The biggest altcoin is at level 63 of the Relative Strength index period 14. It indicates that the crypto is in the bullish trend zone and capable of rising on the upside. . Ether is above the 80% range of the daily stochastic. It indicates that the biggest altcoin has reached the overbought region of the market. Sellers may emerge 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?
Ethereum is in an upward move. The RSI is at level 63 which indicates that the crypto will rise to level 70 to reach the overbought region.Meanwhile, on August 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 1.618 Fibonacci extension or level $3,151.93. From the price action, Ether has broken above the Fibonacci extension as price reached the high of level $3,400.
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