Ethereum Hovers above $1,700 as It Reaches Bullish Exhaustion
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is in an upward correction as it reaches bullish exhaustion. As price breaks above the moving average lines, there is a tendency for Ether to revisit the previous high of $2,030. However, the cryptocurrency is now trading in the overbought region of the market. On the upside, Ether is likely to face rejection at the $1,800 resistance zone. Further upward movement of the coin is unlikely as the market reaches the overbought region. The altcoin may turn down from the $1,800 resistance zone. It may retrace above the moving average lines .However, if Ether retraces below the moving average lines, the selling pressure will be accelerated. The bearish momentum will extend to the low of $1,424.
Ethereum Indicator Analysis
Ether is at level 59 of the Relative Strength Index for period 14. The biggest altcoin is in the bullish trend zone and may further rise. The altcoin is above the 80% range of the daily stochastic. The current uptrend may face rejection at the recent high as Ether trades in the overbought region of the market. The crypto’s price is above the moving average lines which indicates that the uptrend may continue.
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?
Since August 29, Ethereum has been rising consistently as it reaches bullish exhaustion. Ether will decline if it faces rejection at the overbought region of the market. On the other hand, if price breaks the current resistance zone, Ether will rally to the $2,030 high.
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