Ethereum Is in Range-Bound Move, Consolidates above $2,300 Support
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in downward correction but consolidates above $2,300 support. The largest cryptocurrency is trading between levels $2,300 and $2,700 price levels. On January 24, the bears pushed the altcoin to the low of $2,200 but the bulls bought the dips. On January 26, the bulls attempted to break the $2,700 resistance but were repelled. Because of that ETH/USD has continued to be range-bound between $2,300 and $2,700 price levels. The altcoin will trend when the levels are breached.
Ethereum Indicator Analysis
Ether is at level 25 of the Relative Strength Index period 14. The biggest altcoin is trading in the oversold region. From the price action, Ether has a stronghold above the $2,200 support. Buyers will emerge above the current support in the oversold region. The current downtrend has subsided as the altcoin resumes a sideways trend.
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 a sideways trend but consolidates above $2,300 support. Ether has been fluctuating in a range for the past week. Meanwhile, on December 4 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.618 Fibonacci extension or $2,658.49. From the price action, Ether is consolidating above the $2,300 support.
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