Ethereum Encounters Strong Resistance Near The $2,000 Mark

Cryptocurrency analysts of Coinidol.com report, Ethereum price (ETH) is forced to fall as it approaches the moving average lines.

Ethereum price long-term analysis: bullish

At the time of writing, the largest altcoin is trading at $1,860.80. It is trading above the 21-day simple moving average, but below the 50-day simple moving average. When the moving average lines are broken, the altcoin will trend.

On the downside, Ether’s last slide above $1,800 support has reached bearish exhaustion as the bulls bought the dips. Had the bears broken below the current support, the selling pressure would have continued. The market would have fallen to a low of $1,725. However, the retracement has ended above the $1,800 support. As long as the altcoin remains above the current support, the uptrend can resume. On the plus side, Ether will retest the $1,950 and $2,000 levels.

Ethereum indicator analysis

Ethereum has fallen to the Relative Strength Index Level 50 for the period 14. The recent decline has reached the equilibrium price level. This means that supply and demand have reached an equilibrium point. However, since it is between the moving average lines, Ether could resume its southward movement. The recent decline is below the daily stochastic level of 20. The altcoin has reached the oversold zone of the market.

Technical indicators:  

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

After the recent downturn, Ethereum has reached bearish exhaustion. Above the $1,800 level, the cryptocurrency has regained upward momentum. Ether is likely to return to previous highs. The altcoin is now trading above its current support level.

On Jul 05, 2023, Coinidol.com reported that: The largest altcoin is moving slightly and approaching the high at $1,950.30. After the recent price decline above $1,800, Ether recovered on June 30.

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.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/ethereum-strong-resistance/