Ethereum Regains Bullish Momentum, Battles the $4,400 Resistance Level
Oct 22, 2021 at 10:38 //
NewsToday, Ethereum (ETH) has risen back above $4,000 support today as the altcoin resumed its upward trajectory. The cryptocurrency has risen as high as $4,162, but faces a little resistance at the recent level. On October 21, Ether had encountered major resistance at the $4400 resistance zone.
The market fell to a low of $4,042.50 as bulls bought the dips. If the bulls break through the $4,400 resistance, Ethereum will see an accelerated price action. The market will rally to the high at $4,800. However, if the buyers fail to break the high at $4,400, ETH /USD will fall and resume the upward correction in the uptrend zone. That is, the altcoin will fluctuate between the prices of $4,000 and $4,400.
Ethereum indicator analysis
Ether has risen to the level 67 of the Relative Strength Index of the period 14. It is still in the uptrend area and approaching the overbought zone. The cryptocurrency has a bullish crossover as the 21-day line crosses above the 50-day moving average. This gives us a buy signal. The market is in a bullish momentum as it is above the 40% area of the daily stochastic.
Technical indicators:
Major Resistance Levels - $4,000 and $4,500
Major Support Levels - $3,500 and $3,000
What is the next direction for Ethereum?
On the 4-hour chart, Ether has regained its bullish momentum and continues its uptrend. Bulls need to overcome the resistance zones at $4,160 and $4,400 to resume the uptrend. Meanwhile, the October 21 uptrend has a candlestick body testing the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 1,618 Fibonacci Extension level or $4,720.21.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
