Ethereum Faces Rejection at $4,091, May Decline to a Lower Low
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Ethereum Price Long-Term Analysis: Bearish
Ethereum (ETH) price is still trading in the bearish trend zone. Since its rejection on December 1, the largest altcoin has been in a downward move. Ether price is making a series of lower highs and lower lows. Today, Ether’s price is making a lower high as price reaches the high of $4,055. In the bearish pattern,” the lower highs “ or “the lower lows” are not always equal. This makes the downtrend to be unique. However, if “a lower high” is greater than another “lower high”, it implies that the uptrend has begun. Today, Ether is likely to further decline as price reaches the high of $4,055.
Ethereum Indicator Analysis
Ether is at level 46 of the Relative Strength Index for period 14. As Ether falls, the RSI will continue to fall to determine the oversold region of the market. Presently, it is in the downtrend zone and may decline. The largest altcoin is above 80% area of the daily stochastic. The crypto has reached the overbought region of the market. There is a likelihood that Ether will fall.
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?
The largest altcoin has certainly been in a downward move since December 1. There is a likelihood of further downward movement of the crypto. Meanwhile, on December 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.618 Fibonacci extension or $3,427.00.
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