Ethereum Bulls Take a Bold Step, Attempts to Break Above $4,500 High
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price is still trading between the 21-day line moving average and the 50-day line moving average. Today, buyers are attempting to push the ETH price above the 21-day line SMA. If buyers are successful, the biggest altcoin will rally to $4,800 high. Presently, Ether is trading at $4,473 at the time of writing. However, if buyers fail to push the altcoin above the moving average, the altcoin will fall and continue fluctuations between the moving averages.
Ethereum Indicator Analysis
The crypto’s price is between the 21-day line moving average and the 50-day line moving average. Ether has risen to level 53 of the Relative Strength Index for period 14. The biggest altcoin is in the uptrend zone and capable of a further upward move. Ether is above 80% area of the daily stochastic. The altcoin has reached the overbought region. Sellers are likely to emerge in the overbought region.
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 biggest altcoin has resumed its upward move. The crypto has fallen to the low of $4057 at the time of writing. Ether will soon be out of downward correction if price breaks above the $4,600 high. Meanwhile, on November 23 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.618 Fibonacci extension or $4,602.82.
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