Ethereum Struggles to Break the $2,013 Resistance Zone but Targets the $2,200 High
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Ethereum Price Long-Term Analysis: Bullish
Ethereum (ETH) price is in an uptrend but targets the $2,200 high. The bulls are struggling to break the $2,013 resistance zone. On the upside, if the bulls break the recent high, Ether is likely to reach the high of $2,200 or $2,459. Nonetheless, a further upward movement of the coin is doubtful. This is because the two price indicators have shown the overbought condition of Ethereum. Nonetheless, if the bulls fail to breach the recent high, the largest altcoin will decline above the moving average lines
Ethereum Indicator Analysis
Ether is at level 71 of the Relative Strength Index for period 14. ETH has reached the overbought region of the market. Further upward move is unlikely. The altcoin is above the 80% range of the daily stochastic. Sellers will emerge in the overbought region to push prices downward. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.
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 price is already in an uptrend zone but targets the $2,200 high. ETH is declining gradually. Meanwhile, on July 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to level 1.618 Fibonacci extension or $2,004.00.
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