Ethereum Resumes Its Uptrend as It Targets the Resistance at $1,300
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is in a string of higher highs and higher lows for the cryptocurrency as it targets the resistance at $1,300. The $1,280 high point for Ether is getting closer. The biggest altcoin rose to a high of $1,279 but ran into resistance at the $1,300 mark. For the past 48 hours, the altcoin has been fluctuating below the resistance level. Nevertheless, the biggest altcoin is likely to fall if it is rejected at the resistance zone. However, the bullish trend could resume if Ether retraces above the moving average lines or finds support above $1,200. The biggest altcoin will rise and retest the $1,300 threshold on the plus side. Ether will rise to $1,678 if the resistance at $1,300 is broken and the bullish momentum is maintained. Ether will drop back to its previous low of $1,100 if it retraces below the moving average lines.
Ethereum Indicator Analysis
For period 14, the Relative Strength Index is at level 54. The biggest altcoin is in the bullish trend zone given the recent downturn. The moving average lines are below the price bars, indicating that the price of cryptocurrencies may be rising. Bullish momentum is present in Ether below the daily Stochastic threshold of 40.
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?
The price of Ethereum has risen above the moving average lines as it targets the resistance at $1,300. As long as the price bars remain above the moving average lines, an additional upward move above them is possible. However, the altcoin’s rise is shaky as the market approaches overbought territory. Sellers will emerge in the oversold region to drive down prices.
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