Ethereum Surges Ahead as Buyers Face Initial Hurdle at $3400
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price makes positives moves as buyers face initial hurdle at $3,400. The brief uptrend is facing rejection at the $3,400 high. Ether price is fluctuating below the resistance as buyers fail to breach the recent high. The largest altcoin will rally to $3,800 if buyers breach the $3,400 high.
The bullish momentum will extend to $4,200 which will signal the resumption of the uptrend. Conversely, if buyers fail to breach the $3,400 resistance, Ethereum will be compelled to a range-bound move. The crypto‘s price will be fluctuating between $3,050 and $3,400 price levels. Meanwhile, Ether is trading at $3,304 at press time.
Ethereum Indicator Analysis
Ether is at level 40 of the Relative Strength Index period 14. The altcoin is in a downtrend zone, despite the brief uptrend. The 21-day line and the 50-day line moving averages are southward indicating the downtrend. Ether is also above 25% area of the daily stochastic. The market has resumed bullish momentum.
Technical indicators:
Major Resistance Levels – $4, 600, $4,800, $5,000
Major Support Levels – $2.500, $2, 300, $2,100
What Is the Next Direction for Ethereum?
On the 4 -hour chart, Ether is in an upward move as buyers face initial hurdle at $3,400. The uptrend is stalled at the $3,400 high. Meanwhile, on January 12 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 $3,838.25.
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