Ethereum Holds Above the $3,200 Support as the Altcoin Revisits $3,500 High
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price slumped above the moving averages as the altcoin revisits $3,500 high. Since April 5, the largest altcoin has been in a downward move as a result of the rejection at $3,500. The bulls have earlier broken the resistance at $3,400 and buyers were poised to push the altcoin to the next resistance at $3,800. Today, the bulls are recouping above the $3,200 support as buyers attempt to push Ether upward. On the upside, if the altcoin rebounds above the current support, the market will rally and break above the $3,500 resistance. Ether will visit the next resistance at $3,800. Conversely, if the bears break below $3,200, Ether will further decline to $2,916.
Ethereum Indicator Analysis
Because of the recent bullish move, Ether is at level 54 of the Relative Strength Index for period 14. The largest cryptocurrency is in the bullish trend zone and attempting to resume upward. Presently, the crypto’s price is above the moving averages which indicates a further upward movement of the coin. The altcoin is above 30% area of the daily stochastic. Ether has resumed bullish momentum. The 21-day line and the 50-day line moving averages are sloping upward indicating the 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 has resumed its upward move as the altcoin revisits $3,500 high. Buyers will attempt to revisit the resistance at $3,500. Meanwhile, on April 4 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 $4,228.44.
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