Ethereum Rebounds as It Approaches the Resistance at $1,350
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has increased as it approaches the resistance at $1,350. Buyers had overcome the initial resistance at $1,200. Ether has recovered and gone over the $1,200 mark. The positive momentum is unlikely to take price over the $1,400 high or the 50-day SMA. Further upward movement is improbable as the market approaches the overbought region. On the down side, selling pressure will increase once more if the altcoin is rejected at the present high.
Ethereum Indicator Analysis
Ethereum is at level 39 on the Relative Strength Index for period 14.
Because the price bars are still below the moving average lines, a further decline is anticipated. A drop is indicated by the downward slope of the 21-day and 50-day SMA lines.Ether is below level 50 of the daily stochastic indicating a bearish momentum.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
MajorSupport Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum?
Ethereum is likely to start moving sideways as it approaches the resistance at $1,350. On November 9, amid the drop, Ether saw an upward correction, and a candle body tested the 61.8% Fibonacci retracement level. The correction predicts that ETH will fall below $703, or level 1.618 of the Fibonacci Extension, as a low point.
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