Ethereum (ETH) Surges Ahead but Battles the Resistance at Level $2,040
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Ethereum Price Long-Term Analysis: Bearish
Yesterday, Ethereum rebounded above $1,730 support as price rallied to $2,040. Ether has retraced and it is consolidating below the $2,040 resistance. The current bullish momentum is likely to continue on the upside if price breaks above the resistance at $2,040. However, if buyers push the altcoin above the $2, 040 resistances, the crypto is likely to rally to the $2,400 high. On the other hand, if the crypto turns from the current resistance, the bear will push Ether to the previous low at $1,728 low.
Ethereum Indicator Analysis
Ether is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. Ether is above the 80% range of the daily stochastic. It is in a bullish momentum. It indicates that the crypto has reached the overbought region of the market. The crypto is likely to fall in the overbought 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?
Ethereum is an upward move. The biggest altcoin is facing rejection at the recent high. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise but reverse at level 1.272 Fibonacci extension or level $2,111.53.
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