Ethereum Regains Bullish Momentum as It Challenges the Resistance at $1,600
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Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price is in an uptrend as it challenges the resistance at $1,600. Since July 18, the Ether price is fluctuating below the résistance zone. The price move has stalled below the resistance zone. Nevertheless, if buyers overcome the resistance at $1,600, Ether will rise to the high of $2,013 high. The bullish momentum will extend to the high of $2,967 price level. On the other hand, if Ether faces rejection at the $1,600 resistance zone, the altcoin will decline and be compelled to a range-bound move below the resistance zone. In the meantime, ETH/USD is still fluctuating below the resistance zone. The price action is characterized by small body indecisive candlesticks.
Ethereum Indicator Analysis
Ether is at level 65 of the Relative Strength Index for period 14. The altcoin is in the uptrend zone but it is struggling below the recent high. Ether’s price bars are above the moving average lines indicating a possible rise to the previous highs. The altcoin is above the 80% range of the daily stochastic. Ether is in the overbought region of the market. Sellers will be attracted to the overbought region.
Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.500, $1, 300, $1,100
What Is the Next Direction for Ethereum?
Ether is now in an upward move as it challenges the resistance at $1,600. The uptrend will resume when the bulls break the recent high. Otherwise, the downward correction will resume. However, in the past week, the largest altcoin is stuck below the resistance zone.
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