Ethereum (ETH) – extending record streak
Posted on Monday, November 8 2021 at 8:50 pm GMT+0000Ethereum (ETH) – Long-term analysis
Ethereum (ETH) inched higher, extending its record streak and currently eying the 4882-level represented by the 161.80% Fibonacci projection level of the 4030 – 2651 down leg.
The rising exponential moving averages are safeguarding the positive structure and momentum oscillators are also proposing additional gains. The MACD changed course above its signal line and avoided a bearish cross, while the RSI is still pointing north just beneath the 70 overbought level.
If buyers continue to lift the price, preliminary upside constraints may come from the aforementioned 4882 level and the neighboring 5000 round number. Conquering these nearby obstacles, the bulls may then target the 5500 zone.
Otherwise, if sellers dip the price under the 21-day exponential moving average currently seen around 4300, which managed to keep balancing selling pressures since earlier October, early support could arise from the September high of 4030 and the neighboring 55-day exponential moving average. The next critical downside target is 61.8% Fibonacci level at 3503 and the adjacent trendline pulled from July lows. A deeper negative extension could then challenge the 38.2% Fibonacci level at 3177 and the 2651 bottom.
Summarizing, although Ethereum is preserving a sturdy bullish bias, a careful approach is still needed as it approaches crucial resistance barriers.
