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Ethereum Rallies to 1,280 High as Sellers Emerge to Short

Ethereum

coinidol.com 08 July 2022 12:44, UTC
  
Reading time: ~2 m

Today, Ethereum (ETH) resumed its upward movement after the price broke the 21-day line SMA, but could not overcome the resistance at $1,280. This is the second time the altcoin will face rejection at a high of $1,280.

On the first rejection, the altcoin fell to a low of $997 as the bulls bought the dips. If the bulls break the initial resistance, Ether will rise to $2,013. Due to the rejection, the largest altcoin is in a downtrend. The cryptocurrency will resume a sideways movement between the moving average lines if Ether falls above the 21-day line SMA. On the other hand, Ether will retrace and regain the previous low above the $1,000 support if the 21-day line SMA is breached. 

Ethereum indicator analysis

Ether is at level 47 of the Relative Strength Index for the period 14, indicating that ETH is in the downward zone after the recent decline from the high of $1,280. Ether price is above the 21-day line SMA, but below the 50-day line SMA, indicating a possible range-bound move. The daily stochastic is below the 80% range. The market is in a bearish momentum. The largest altcoin could go down as the market reaches the overbought area. 

Technical indicators:  

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

Major Support Levels - $1,000 and $500

What is the next direction for Ethereum? 

Ether has resumed its upward movement after breaking above the 21-day line SMA. It is in a small retracement from the high of $1,280. The uptrend will continue if Ether falls and finds support above the 21-day line SMA. However, selling pressure will resume if the price falls below the 21-day line SMA.

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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