Ethereum Price Soars as Bulls Gain Ground

Oct 29, 2021 at 11:00 // News
Author
Coin Idol
Ether is on an upward trajectory after breaking through initial resistance

The Ethereum price (ETH) has risen to a high of $4,400 today, but is encountering resistance at the recent high.

Ethereum Price Long-Term Analysis: Bullish.

Yesterday, buyers managed to push Ether above the $4,200 resistance level. In the previous price action, the cryptocurrency was in a downward correction for seven days before the recent breakout to the high of $4,400. Buyers were unable to sustain the bullish momentum above the recent high. The market has retraced to support above $4,318. 

There is a tendency for further upside if the price retraces and finds support above $4,300. The largest altcoin is likely to reach the high of $4,600 if the current resistance is broken. Meanwhile, the price of ETH is moving above the $4,300 support, so an uptrend is possible.

Ethereum Indicator Analysis 

As Ethereum moves above the $4,300 support, the Relative Strength Index suggests a possible uptrend. The altcoin is at level 63 on the RSI, which suggests that the altcoin still has room to move up. Similarly, Ether is above the 80% area on the daily stochastic. This suggests that the largest altcoin is already in the overbought region. The recent retracement is due to the overbought condition of the cryptocurrency.

ETHUSD(Daily_Chart)_-_OCT._29.png

Technical Indicators:

Key resistance levels - $4,000 and $4,500.

Key support levels - $3,500 and $3,000 

What is the next direction for Ethereum? 

Ether is on an upward trajectory after breaking through initial resistance at $4,200. The cryptocurrency has reached a new high of $4,400 but faces rejection at the recent high. Meanwhile, the uptrend from October 29 has shown a candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 1,272 Fibonacci Extension level or $4,539.84.

ETHUSD(_4_Hour_Chart)_-_4_-_Hour_Chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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