Ethereum Price Soars as Bulls Gain Ground

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.

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.

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.