Ethereum (ETH) Retraces on the Downside, Unable to Break above $2,282

Ethereum Price Long-Term Analysis: Bearish
Ethereum is in a downward correction above the previous low at $1717. As price reached the previous low, the bulls buy the dips to push the altcoin upward. The upward move reached the high of $2288 and was repelled. Similarly, on June 20, Ether was resisted at the high of $2,282. And the market declined to $1,711 low. Today Ether is still retracing on the downside. The upward movement will resume as the altcoin finds support above the previous low. Meanwhile, on July 01 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extensions or level $2632.68.

Ethereum Indicator Analysis
Ether is at level 44 of the Relative Strength Index period 14. Also, the altcoin is in the downtrend zone and below the centerline 50. The crypto has fallen below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region of the market. . Buyers are expected to emerge in the oversold 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?
The biggest altcoin is presently retracing on the downside. The altcoin is retesting the previous low at $2150.80. The upward move will resume if price finds support above the previous low. Meanwhile, on June 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise and reverse at level 1.272 Fibonacci extension or level $2,352.10.

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