Etherеum

Ethereum Makes Positive Moves but Faces Rejection at $2,400 High

The price of Ethereum (ETH) is falling after retesting the $2400 resistance zone. In the last four days, Ether has made positive moves to the previous high. It is currently facing rejection at the $2,400 resistance level.

The upward movement of the altcoin would reach the high of $2,700 if the hurdle at $2400 is crossed. However, it is likely that the largest altcoin will fall back to the support at $2,140 before resuming the upward movement. On the downside, if the price retraces and breaks below the $2,140 support, the selling pressure will resume. The market will fall back to the previous low at $2,140. On the flip side, the uptrend will resume above the $2,140 support. The altcoin has fallen to $2.282 at the time of writing.

Ethereum indicator analysis

Ethereum bulls are retesting the descending channel resistance line. The uptrend will continue as the price breaks the resistance line and closes above it. Ether is falling as the price meets rejection at the resistance line. The altcoin is at level 51 of the Relative Strength Index of period 14. It indicates that there is a balance between supply and demand on the downside.

Technical Indicators:

Major Resistance Levels – $4,000 and $4,500


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

What is the next direction for Ethereum?

Ethereum resumed its upward movement when the price reached the high of $2,400. Meanwhile, on June 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 1,272 Fibonacci extension level and reverse. This is the high of $2,361.09. From the price action, Ether has retested the 1.272 Fibonacci extension and turned back down . The crypto price is expected to reverse the 78.6% Fibonacci retracement level where it originated. 

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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