Ethereum Rebounds Above $3,690 Support, Fails To Sustain Above $4,200
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price is still in the downtrend zone but fails to sustain above $4,200 . The crypto’s price has broken above the 21-day line moving average. The bulls have to break above the 50-day line moving average to begin the resumption of upside momentum. The bottom line is that if price fails to break above the 50-day line moving average, ETH/USD will be compelled to a range-bound move. Presently, the current upward move is facing resistance at the $4.200 resistance zone. Ether is falling to the downside and the uptrend may resume if it falls and finds support above the 21-day moving average.
Ethereum Indicator Analysis
Ether is now at level 49 of the Relative Strength Index for period 14. This suggests that there is a balance between supply and demand. The crypto’s price is between the 21-day and the 50-day lines moving average. It implies that the altcoin may be compelled to a range-bound move between the moving averages. Ether is falling below 80% area of the daily stochastic. The altcoin was earlier in the overbought 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?
Ethereum has resumed its upward move but fails to sustain above $4,200. The current bullish move has reached the overbought region. Because the market is declining to the downside as a result of the overbought condition. The uptrend will resume if the initial resistance is breached. Meanwhile, on December 22 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 $4,381.45.
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