Ethereum Finds Support above $2,840 as the Altcoin Targets $3,400 High
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has broken above the moving averages as the Altcoin targets $3,400 high. On February 28 price rebound, Ether rallied to the high of $3,038 but was resisted. The market declined to $2,840 low or above the moving averages. The uptrend will resume if ETH finds support above the moving averages. On the other hand, the downtrend will resume if price breaks below the moving averages. Today, ETH/USD is trading at $2,840 at the time of writing.
Ethereum Indicator Analysis
Ether is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. In the meantime, the crypto’s price is above the moving averages which indicates a further upward movement of the coin. The 21-day line and the 50-day line moving averages are sloping southward indicating the downtrend. Ether has fallen below 20% area of the daily stochastic. Ether is in the oversold region of the market.
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?
Following the recent price rebound, ETH/USD is retracing as the Altcoin targets $3,400 high . The altcoin appears to have found support above the $2,840 support. Meanwhile, on February 26 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 2.0 Fibonacci extension or $3,416.40.
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