Ethereum (ETH) Continues Upside Momentum Breaks above $3,542 High
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Ethereum Price Long-Term Analysis: Bullish
Today, Ether is retracing after rallying to a price of $3,542. On May 4, Ether’s price made a pullback to the low of $3,175 which catapulted the coin to reach a high of $3,542. The retracement today, may mean further upside momentum. On May 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extensions or thigh of $3878.40. Later, Ether is likely to reverse to 78.6% Fibonacci retracement level.
Ethereum Indicator Analysis
Ethereum is at level 75 of the Relative Strength Index period 14. It implies that price has reached the overbought region. The altcoin has no room to rally on the upside. Besides, sellers may emerge in the overbought region. The altcoin is above the 80% range of the daily stochastic.
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?
On the 4- hour chart, Ether is in a sideways move below the resistance at $3,542. Meanwhile, on May 4 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.618 Fibonacci extensions or the high of $3920.90.
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