Ethereum Rebounds as It Struggles Below the $1,600 High
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Ethereum Price Long-Term Analysis: Bullish
Ethereum (ETH) price has rebounded as it struggles below the $1,600 high. The biggest altcoin has resumed an upward move to revisit the next resistance at $1,800. The coin is likely to face rejection as it reaches the overbought region of the market. The altcoin is trading at $1,565.70 at the of writing. On the downside, Ether may drop above the moving average lines if it faces rejection at the recent high. A break below the moving average line will cause Ether to fall into the range-bound zone between $1,220 and $1,400 price levels.
Ethereum Indicator Analysis
The largest altcoin is at level 72 for period 14 of the Relative Strength Index. Because of the price rebound, Ether has rallied to an overbought region of the market. The price bars are above the moving average lines indicating a potential rise of the coin. The altcoin is experiencing overbought condition as Ether is above the daily Stochastic’s 80% zone.
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 largest altcoin has regained bullish momentum as it struggles below the $1,600 high. On October 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to level 1.618 Fibonacci extension or $1,642 price level.
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