Ethereum Is Stuck at $1,820 and Appears to Be Overbought

Ethereum Price Long-Term Analysis: Bearish
The price of Ethereum (ETH) continues to rise as it reclaims the $1,700 support level but is stuck at $1,820. The largest altcoin has soared to the market’s overbought zone. The $1,800 resistance level has been overbought.The bulls are unlikely to be able to break through the resistance zone.

On the plus side, if the current resistance is breached, the largest altcoin has the potential of reaching highs of $1,900 and $2,000 per coin. At the time of writing, Ether has reached a high of $1,815.00. Nonetheless, as the market approaches overbought territory, a further upward rise appears unlikely.

In a strong surging market, however, an overbought state may not last. Ether will fall if it is rejected at its recent high. The altcoin will be forced to trade in a range between $1,700 and $1,800 price levels. Meanwhile, Ether remains locked at its all-time high of $1,820.

Technical indicators:
Major Resistance Levels – $2, 600, $2,800, $3,000
Major Support Levels – $1.600, $1, 400, $1,200

Ethereum Indicator Analysis
Ether is at level 49 of the Relative Strength Index for period 14. It signifies that the altcoin has attained its price equilibrium. That is, demand and supply have achieved a point of equilibrium. The crypto asset is heavily overbought in the market.  It is higher than the daily Stochastic level of 80.

Sellers are likely to emerge to drive down prices. 

Conclusion
Ethereum is likely to retrace as it is stuck at $1,820. On the 4-hour chart, if the crypto’s price retraces above the moving average lines, the market range-boundary will once more be reached. The largest altcoin has retraced but remains above $1,800 support in the interim.

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