EthereumNews

Ethereum Trades in a Tight Range as It Attempts to Rally to $1,700

Ethereum (ETH) is in a downtrend, but has recovered above the psychological price level of $1,000. Since June 18, the price of Ether has fluctuated between $1,050 and $1,280.

The altcoin has resumed its upward movement to retest or break through the initial resistance at $1,280. On the upside, Ether will rise to a high of $1,700 if the bulls break the resistance at $1,280 or the 21-day line SMA. Conversely, if the altcoin deviates from the 21-day line SMA, Ether will fall to the support at $1,000. The altcoin will continue its movement between the narrow ranges if the current support holds. However, Ether will fall back to the previous low of $881 if the bears break below the current support.

Ethereum indicator analysis

Ether is at level 40 of the Relative Strength Index for period 14. The largest altcoin is in the downtrend zone, but has resumed an upward correction. Ether bulls have failed to break above the moving averages to resume an uptrend. The daily stochastic is above the 65% range. The market is in a bullish momentum.

Ethereum Trades in a Tight Range as It Attempts to Rally to $1,700 3

Technical indicators:  

Major Resistance Levels – $2,000 and $2,500

Major Support Levels – $1,500 and $1,000

What is the next direction for Ethereum?

Ether is trading in a narrow range and above the psychological price level of $1,000. The biggest altcoin will resume its upward movement if it breaks above the 21-day line SMA. On the other hand, the Fibonacci tool will hold if the current support is broken. Meanwhile, on June 18 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall to the level 1.272 Fibonacci extension.

Ethereum Trades in a Tight Range as It Attempts to Rally to $1,700 4

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.


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