Ethereum Backtracks from Its $1,920 Peak as It Faces a Drop

Ethereum ETH) Current Statistics
The current price: $1,925.64
Market Capitalization: $231,251,662,847
Trading Volume: $12B
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis June 30, 2023
Since June 21, the price of Ethereum (ETH) has been retesting the resistance level of $1,920 as it faces a drop. Buyers kept the bullish momentum going above the moving average lines.

The bulls are making desperate attempts to break through the $1,920 level, but have been repulsed again.If the $1,920 resistance level is broken, the market will advance to the $2,000 psychological price level.

However, the largest altcoin will fall if it is consistently rejected by the resistance zone. When Ether is rejected, it usually finds support above the moving average lines or $1,800 support. Nonetheless, if Ether falls below $1,800, it will suggest a resurgence of selling pressure.

Ether will break through the $1,720 barrier. The altcoin is backtracking from its high of $1,920.

ETH Technical Indicators Reading
Ether has remained positive because it is at Relative Strength Index level 56 for period 14. Also, as long as the price bars remain above the moving average lines, the largest altcoin will rise.

The present trend, however, will cease if the altcoin falls below the moving average lines. The altcoin is trading above the daily Stochastic level of 80. This indicates that the market has reached overbought territory, and prices may tumble.

Conclusion
Ethereum has resorted to a range-bound movement close to the resistance zone as it faces a drop. For the previous week, the price has been constant between $1,800 and $1,920. Once these price levels are breached, Ethereum will begin to trend.

Meanwhile, due to the existence of Doji candlesticks, the price movement has been static.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing