Ethereum (ETH) Resumes a Fresh Uptrend, Targets Level $4,000
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) bulls have broken above the moving averages as price closes above it. There is a likelihood of further upward movement of Ethereum. Buyers are attempting to push the biggest altcoin to the previous high of $4,000. In the previous price action, the altcoin reach a high of $4,000 but was repelled. The crypto fell to the low of $3,026 and resumed a fresh uptrend. ETH/USD has resumed a fresh uptrend to reclaim the previous high.
Ethereum Indicator Analysis
The altcoin is at level 56 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and above the centerline 50. The biggest altcoin has room to rally on the upside.
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. Presently, the biggest altcoin is facing resistance at a level of $3,700. Ether will resume an uptrend if the resistance is breached. Meanwhile, on September 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 1.618 Fibonacci extension or level $3,858. 46.
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