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Ethereum Trades Marginally as It Targets the $2,200 High
Ethereum (ETH) is trading marginally, heading for a high of $1,888. Buyers have pushed Ether above resistance at $1,700 and $1,785.
The largest cryptocurrency should rally to the high of $2,053 if the bulls break the resistance levels. The price movement was insignificant because there were indecisive candles with small bodies called doji and spinning tops. Moreover, Ether is trading in the overbought region of the market. There is a risk that Ether will decline if sellers appear in the overbought region. If Ether fails to recover to the high of $2,053, it will fall and continue the range bound movement.
Ethereum indicator analysis
Ether is at level 67 of the Relative Strength Index for the period 14. The cryptocurrency is in an uptrend and approaching the overbought zone. The price bars of Ether are above the moving average lines as the altcoin is trading marginally in the uptrend zone. ETH is above the 80% area of the daily stochastic. It is still trading in the overbought zone. 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?
Ether price is in an uptrend as bulls break through resistance at $1,700 and $1,785. The Fibonacci tool has indicated further upward movement in the cryptocurrency. Meanwhile, the uptrend from July 19 has shown a candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to the level of the 1.618 Fibonacci extension or $2.004.
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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