Ethereum Is in a Sideways Move as It Faces Rejection at the $1,280 High
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is making an upward correction as it faces rejection at the $1,280 high. The bottom line is that the uptrend has been hindered at the $1,280 resistance. The largest altcoin is fluctuating between the moving average lines. On the downside, if the bears break below the 21-day line SMA, Ether will decline and resume downward correction. The coin will revisit the previous low of $1,000 support. On the upside, the market will rise to the high of $2,013, if the bulls breach the 50-day line SMA. Meanwhile, Ether is trading at $1,216 which is above the 21-day line SMA.
Ethereum Indicator Analysis
Ether is at level 47 of the Relative Strength Index for period 14. It indicates that ETH is in the downtrend zone and may decline because of the recent rejection at $1,280. The crypto’s price is above the 21-day line SMA but below the 50-day line SMA indicating that the coin will be in a range-bound move. Ether is below the 80% range of the daily stochastic. The market is in a bearish momentum.
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?
The largest altcoin has regained bullish momentum but faces rejection at the $1,280 high. The uptrend may continue if the $1.280 resistance is breached. The downtrend may resume if the selling pressure persists.
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