Etherеum

Ethereum Poises for Upside Momentum as Bulls Attempt to Break $2,440 Resistance

Ethereum price (ETH) made further upside moves as it broke $2,350 resistance.

Ethereum Price Long-Term Analysis: Bullish

The Ether price has risen to a high of $2,440 but faces resistance at the recent high. All indications are that the largest altcoin is capable of rising to the high of $2,800 as it broke through resistance at $2,350. 

This suggests that the cryptocurrency will rise as long as the price bars are above the moving averages. Today, July 30, 2021, Ethereum is on the retreat moving above the $2,350 support. On the upside, ETH /USD will rise to $2,869.80 if the $2,350 support holds. Conversely, the market will fall to $2,200 or $1,780 if the price retraces and falls below the current support. Meanwhile, Ether has regained bullish momentum as the altcoin resumes its upward momentum. 

Ethereum Indicator Analysis 

Ethereum is in the uptrend zone as the cryptocurrency price has risen above the descending channel resistance line and the moving averages. ETH has risen to level 64 on the Relative Strength Index for period 14. This indicates that the cryptocurrency has room for an uptrend. Ether is above the 80% area of the daily stochastic. The altcoin has reached the overbought zone. 

Technical Indicators: 

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

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

What’s Next for Ethereum? 

The largest altcoin is poised to resume its upward momentum as it finds support above the $2,350 low. Meanwhile, on July 26 uptrend; a retraced candlestick body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the Fibonacci extension of 1.618 or $2,869.80.

Disclaimer. This analysis and forecast are the personal opinions of the author 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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