Ethereum Swings below $1,850 in Expectation of a Potential Increase
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Ethereum Price Long-Term Analysis: Bullish
The price of Ethereum (ETH) has resumed its upward trend in expectation of a potential increase. Buyers are determined to keep the price above the $1,800 resistance level. In addition to the altcoin rising to historical highs, the price indication has indicated a likely rise of the largest altcoin. A retraced candle body tested the 78.6% Fibonacci retracement line on October 25 upswing.
The retracement suggests that ETH/USD would increase but then reverse at the 1.272 Fibonacci extension or level $1,945.71 . In the meantime, Ether is trading at $1,822 at the time of writing.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200
Ethereum Indicator Analysis
Ether’s price bars are moving below and above the 21-day SMA in the lower time frame. It shows that the existing market structure has shifted to a sideways trend. However, if the current resistance level is breached, the rise may resume. In accordance with the present upswing, the moving average lines are trending upward.
Conclusion
The current uptrend paused at the $1,850 high in expectation of a potential increase. ETH/USD is currently trading in a range between $1,770 and $1,850. If buyers clear the resistance at $1,850, the upswing will resume. Ether, on the other hand, will fall if it retraces and breaks below the $1,765 support.
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