FxNews—Ethereum prices are in a bull market, maintained above the 23.6% Fibonacci support and the 50-period simple moving average. Additionally, the Awesome Oscillator and Stochastic demonstrated bullish signs.
- AO’s histogram turned green, nearing zero from below.
- Stochastic stepped away from the oversold territory, recording 29 in the description.
However, the RSI 14 signaled a bearish divergence last week, which caused the Ethereum market to begin a consolidation phase.
Ethereum Eyes November Peak as Bulls Push On
The Ethereum’s immediate support is at $3,270, the 23.6% Fibonacci level. From a technical perspective, the ETH/USD trend outlook remains bullish as long as the crypto‘s value exceeds the immediate resistance. In this scenario, the next bullish target could be revisiting the November high at $3,550.
- Also read: Bitcoin Nears Key $91000 Support Level
Please note that the bullish outlook should be invalidated if ETH/USD dips below the 23.6% Fibonacci. If this scenario unfolds, the ETH/USD crypto pair can potentially dip toward the 38.2% Fibonacci retracement level at $3,095.