Ethereum (ETH) Reaches Bearish Exhaustion, Resumes Uptrend

Ethereum Price Long-Term Analysis: Bearish
Ethereum has reached bearish exhaustion. The biggest altcoin dropped to $1,710 and resumed an upward move. The uptrend has reached the high of $2,044 but it is presently retracing on the downside. The market retraced to $1,890 and resumed a sideways move between $1,890 and $2,010. The upward move will resume if price breaks above the resistance at $2,010. However, if price breaks below the previous low at $1,890, the downtrend will resume.

Ethereum Indicator Analysis
Ether has fallen to level 36 of the Relative Strength Index period 14. The biggest altcoin has fallen close to the oversold region. Also, the altcoin is in the downtrend zone and capable of falling on the downside. The crypto is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. The selling pressure is likely to resume. The current price level is likely to retrace to $1,920.

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 has resumed its upward move. The uptrend is presently facing rejection at $2,040. According to the Fibonacci tool, a retraced candle body tested the 78.6% Fibonacci retracement level on June 22. The retracement indicates that ETH is likely to rise and reverse at level 1.272 Fibonacci extension or $2,015.19. From the price action, Ether reached and reversed at $2,040. It is now in a downward correction.

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