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Ethereum Risks Decline to $1,300 if Buyers Fail to Overcome the $1,700 High
Ethereum (ETH) is moving in the uptrend zone but fluctuating below the $1700 resistance zone.
Since July 18, the uptrend has been slowed down by the resistance at $1,700. On July 28, the uptrend of the largest cryptocurrency was rejected at the high of $1,785, but found support above the moving average lines.
Today, the largest altcoin is trading at $1,662 as we write this article. The bulls will break through resistance at $1,700 and $1,785 if the altcoin rises above the current support. If the bulls are successful, Ether will rise to the high of $2,013. However, there is a tendency for Ether to fall if the bulls fail to break the recent high. The cryptocurrency will fall to a low of $1,300 if the bears fall below the moving average lines.
Ethereum indicator analysis
Ether is at level 61 of the Relative Strength Index for the period 14. The largest altcoin is in the bullish trend zone and is capable of further upward movement. The price bars are above the moving average lines, which indicates further upward price movement. The altcoin is above the 70% area of the daily stochastic. This indicates that the market is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping upwards, indicating an uptrend.
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000
What is the next direction for Ethereum?
Ethereum is trading above the moving average lines and could continue to rise if the resistance levels are broken. Meanwhile, the July 19 uptrend has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to the 1.618 Fibonacci Extension level or $2,047.43.
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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