Long-Term Analysis of Ethereum Price: Bullish
The price of Ethereum (ETH) is currently in an uptrend, staying above the breakout level of $1,846. However, it is facing resistance at the $1,893 level and has entered a horizontal pattern since October 24. Despite this, there are positive signs such as extended candlestick wicks indicating strong selling pressure at higher price levels. To continue the uptrend, ETH needs to break above the $1,897 resistance. As long as buyers defend the $1,836 breakout level, the cryptocurrency remains in a bullish trend zone. If the bears manage to break below $1,836, selling pressure will return and the current gains will fade.
Analysis of Ethereum Indicators
The Ether price has stopped its rally and is now moving horizontally. On a shorter time frame, the moving average lines are horizontal and positioned above and below the price bars. If the bears maintain their negative momentum and break below these moving average lines, Ether will fall. Conversely, when the price bars are above the moving average lines, Ether will rise.
Technical Indicators
Key resistance levels for Ethereum are at $1,800 and $2,000, while key support levels are at $1,600 and $1,400.
What’s Next for Ethereum?
Currently, Ethereum is trading above the moving average line and within the uptrend zone. As long as it remains in this zone, there is a higher probability of it rising rather than falling. The current price range for ETH/USD is between $1,760 and $1,893. Once these levels are breached, Ethereum will start trending in a new direction.
As previously reported on October 28, Ethereum reached the $1,900 mark but was rejected after retesting the resistance zone between $1,855.60 and $1,866.10.
Hot Take: Ethereum’s Uptrend Faces Resistance at $1,893
The price of Ethereum (ETH) remains in an uptrend, but it is currently facing resistance at the $1,893 level. Despite showing signs of strong selling pressure at higher price levels, ETH needs to break above the $1,897 resistance to continue its upward movement. The cryptocurrency is still in a bullish trend zone as long as buyers defend the $1,836 breakout level. However, if bears manage to break below this support level, selling pressure will return and the current gains will fade. Traders should closely monitor these key levels to determine the next direction for Ethereum.
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