Ethereum (ETH) Resumes Selling Pressure after Facing Rejection at $2,020
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Ethereum Price Long-Term Analysis: Bearish
Ethereum has been in a downward correction as the crypto faces rejection at the $2,400 high. The rejection at the recent high indicates that the biggest altcoin will fall and revisit the previous low at $1,711. Meanwhile, on June 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extensions or level $1,664.
Ethereum Indicator Analysis
Ether is at level 40 of the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the centerline 50. It is capable of falling in the bearish trend zone. Ether has fallen below the 50% range of the daily stochastic. It is in a bearish momentum.
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?
Ethereum is now in a downward move. Yesterday, Ether price was correcting upward after falling to the low of $1,865. The upward correction has been terminated. The biggest altcoin is falling and the downtrend will resume if the previous low at $1,865 is breached. Meanwhile, on July 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH is likely to fall to level 1.618 Fibonacci extension or level $1,675.39.
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