Ethereum Is in a Narrow Range as It Challenges the $1,350 High
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has fallen after retracing above the $1,200 support level as it challenges the $1,350 high. Ether has been trading just slightly above the existing support since November 13. The $1,350 resistance area is where the upward corrections are being rejected. Ether’s price is currently ranging between levels $1,070 and $1,350. If buyers sustain the price above the 50-day SMA, Ethereum’s bullish trend will resume. The bullish trend will continue to the highs of $1,400 and $1,800. The biggest altcoin will return to the $1,071 low if Ether declines from the 50-day line SMA or the resistance zone. Ether is now valued at $1,246 at the time of writing.
Ethereum Indicator Analysis
Following a recent correction, Ethereum is now around level 40 on the Relative Strength Index for period 14. The price bars for Ether are below the moving average’s lines, indicating a potential decline. The value of the cryptocurrency will rise as long as purchasers maintain the price above the moving average lines. The daily Ether Stochastic is currently above level 25, which indicates bullish 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?
Following the price decline on November 9, Ether resumes a sideways move as it challenges the $1,350 high. The simple fact is that if Ether fails to breach the most recent high, it will continue to fall. When the price of Ether fell on November 9, it corrected upward and a candle body tested the 78.6% Fibonacci retracement line. The correction predicts that ETH will fall to level 1.272 Fibonacci extension or $922.32
You can crypto coins here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
