Ethereum Bulls Face an Uphill Task to Target $3,400 High

Today, the price of Ethereum (ETH) falls to the $3,150 support as bulls buy the dips.

As Ether hits the previous low, there is a tendency for the price to resume an upward move. Over the past four days, the market has fluctuated between the price levels of $3,150 and $3,285.

As the largest altcoin makes an upward move, it returns to the previous high of $3,285. Further upside is possible if the bulls break out above the $3,285 resistance. A breakout will push the crypto to reach the high of $3,400. Meanwhile, the downside correction will continue if the bullish scenario is invalidated. Ether is trading at $3,191.15 at the time of writing.

Ethereum indicator analysis

Ethereum has fallen to the 55 level on the Relative Strength Index for period 14. The cryptocurrency is in the uptrend zone and above the midline 50. The altcoin is above the 25% area of the daily stochastic. This implies that the market is in a bullish momentum. Ether is rising to regain the previous low.

Technical indicators:

Major Resistance Levels - $4,000 and $4,500

Major Support Levels - $3,000 and $2,500

What is the next direction for Ethereum?

On the 4-hour chart, Ethereum is resuming an upward move. Buyers have a difficult task to break out above the moving averages. Meanwhile, the uptrend from August 28 has seen a retraced candlestick testing the 50% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 2.0 Fibonacci extension level or the $3,497 level.

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.