Ethereum Hovers above $3,000 as Buyers Renew Upward Impetus
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is retreating after reaching a top of $3,113 as buyers renew upward impetus. Today, Ether has fallen to a low of $3,057.70 as of this writing. There will be a test of the psychological $3,000 price level and selling pressure will increase if the support is broken. The largest altcoin will fall further, reaching the next support level at $2,700.
Conversely, if the altcoin retraces and finds support above the $3,000 price level, it will restart its upward trend. The altcoin will rise and rally to reach a high of $3,300. Meanwhile, ETH/USD is trading just above the $3,000 support level, indicating a further upward move.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
The price bars are above the moving average lines as Ether retraces from a recent high. Despite the recent price rebound, the moving average lines are still trending northward, indicating an uptrend. Doji candlesticks, which have a small body and are indecisive, also characterize the price action.
Conclusion
Ethereum is in a modest pullback, trading between $3,100 and $3,000 as buyers renew upward impetus. Buyers are currently defending the $3,000 support level in an attempt to rekindle upward momentum. Ether faces additional loss if it loses the $3,000 support. In the meanwhile, the crypto signal remains optimistic, with Ether hovering above the present support.
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