Ethereum Breaks Resistance at $1,700 but Fails to Sustain Above $2,000 High
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Ethereum Price Long-Term Analysis: Bullish
Ethereum’s (ETH) price is trading in the bullish trend zone but fails to sustain above the $2,000 high. The uptrend is stalled as price fluctuates below the $1,800 resistance zone. On the upside, if the crypto’s price breaks the recent high, Ether will rise to the high of $2,050. The upward move is unlikely because the market has reached the overbought region. On the downside, if Ether faces rejection at the recent high, it will decline to the previous low above $1,300. Meanwhile, ETH/USD is trading at $1,704 at the time of writing.
Ethereum Indicator Analysis
Ethereum is at level 65 of the Relative Strength Index for period 14. It indicates that Ether is in the bullish trend zone and may further rise to the upside. The crypto is above the 80% range of the daily stochastic. The largest altcoin is trading in the overbought region and may decline. Sellers may be attracted to the overbought region. 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?
ETH/USD is in the bullish trend zone but fails to sustain above $2,000 high. Meanwhile, on July 19 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ETH will rise to level 2.0 Fibonacci extension or $2,289.61.
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