{"id":148210,"date":"2021-12-24T13:07:34","date_gmt":"2021-12-24T13:07:34","guid":{"rendered":"https:\/\/precoinnews.com\/?p=148210"},"modified":"2021-12-24T13:07:34","modified_gmt":"2021-12-24T13:07:34","slug":"ethereum-reclaims-4000-support-shows-strength-above-the-psychological-price-level","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ethereum-reclaims-4000-support-shows-strength-above-the-psychological-price-level\/","title":{"rendered":"Ethereum Reclaims $4,000 Support, Shows Strength above the Psychological Price Level"},"content":{"rendered":"
Ethereum (ETH) is trading in the downtrend zone. In the last 48 hours, Ether bulls have recaptured the $4,000 psychological price level as buyers push Ether to previous highs.<\/strong><\/p>\n Today, the market seems to be retreating lower. The retracement could reach the low of $4,055 before a renewed upward move. Currently, buyers have risen above the 21-day moving average line. Likewise, the bulls need to break the 50-day moving average to complete the resumption of the uptrend.<\/p>\n In other words, buyers need to recapture resistance at $4,400. If the bulls are successful, the largest altcoin will regain the high at $4,800. On the other hand, if the bulls fail to overcome the 50-day moving average, Ether will fall and be forced to range bound between the moving averages. In the meantime, the cryptocurrency is on the way down.<\/p>\n Following the relative upward movement, Ethereum has risen to level 49 on the Relative Strength Index for period 14. This indicates that there is a balance between supply and demand. The cryptocurrency’s price is now above the 21-day moving average. The altcoin will come out of the downward correction if it stays above the 50-day moving average line. The market is below the 80% area of the daily stochastic. Ether is in a bearish momentum.<\/p>\n <\/p>\n Major Resistance Levels – $4,500 and $5,000 <\/b><\/p>\n <\/b><\/p>\n Major Support Levels – $3,500 and $3,000<\/b><\/p>\n ETH\/USD is in an uptrend. The uptrend is currently encountering resistance at the high of $4,200. The uptrend will continue if buyers break above the $4,200 resistance zone. Meanwhile, the uptrend from December 22 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 2.0 Fibonacci extension level or $4,381.45.<\/p>\n <\/p>\n Disclaimer. This analysis and forecast are the personal opinions of the author and 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.<\/span><\/i><\/p>\nEthereum indicator analysis<\/h2>\n
Technical indicators: <\/h3>\n
What is the next direction for Ethereum?<\/h2>\n