Yesterday, December 16, Ethereum (ETH) bulls succeeded in breaking the $620 overhead resistance. This positive move has ended three weeks of consolidation below the previous resistance at $620.
Ethereum Price Long-Term Analysis: Bullish
Now Ether will resume upside momentum or will have accelerated price movement to the next target price at $800. Which could lead it towards the all-time high level reached on April 30, 2018, a target price of $838.
The biggest altcoin is currently trading at $667 at the time of writing. The current price action is likely to retest the historical price level or surpass it. However, if the coin faces resistance and it falls; Ether will fall and find support above $620. The upside will then resume.
Ethereum Indicator Analysis
Ethereum is trading at level $630 of the Relative Strength Index period 14. This explains that Ethereum is likely to continue as the coin has not reached the overbought region. In the same vein, the crypto is above the 80% range of the daily stochastic. It indicates that the coin is in a strong momentum. Also, it has reached the overbought region but the overbought condition may not hold in a strong uptrend.
Key Resistance Zones: $840, $860, $880
Key Support Zones: $440, $460, $480
What Is the Next Direction for Ethereum?
The price action has continued to show bullish signals as the crypto continues to surge higher. The Fibonacci tool has indicated a possible move of the ETH coin.
On November 23 it entered an uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will rise and reach level 2.0 Fibonacci extensions. In other words, the market will reach a high of $804.79
Disclaimer. This analysis and forecast are the personal opinions of the author and 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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