Ethereum (ETH) Makes an Upward Move, May Face Rejection at Level $3,250
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price has broken below the moving averages. Ether fell to $2,656.90 as bulls bought the dips. Buyers are pushing the altcoin upward but it is likely to face rejection at a level $3,250 high. . Meanwhile, on September 7 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH is likely to fall to level 2.0 Fibonacci extension or level $2,011.43.
Ethereum Indicator Analysis
The altcoin is at level 45 of the Relative Strength index period 14. It indicates that the crypto is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping downward indicating the trend. Ether is trading above the 80% range of the daily stochastic. It indicates that the crypto has reached the overbought region.
Technical indicators:
Major Resistance Levels – $4, 000, $4,200, $4,400
Major Support Levels – $2.500, $2, 300, $2,100
What Is the Next Direction for Ethereum?
Ethereum has resumed an upward move. The uptrend is likely to be short-lived. Meanwhile, on September 23 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise but reverse at level 1.272 Fibonacci extension or level $3,274.17.
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