Ethereum Breaks Recent High but Battles Resistance at $1,280

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Ethereum ETH) Current Statistics
The current price: $1,254.56
Market Capitalization: $152,175,963,064
Trading Volume: $15,313,258,960
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis July 7, 2022
Ethereum’s (ETH) price is in a downward correction as it battles resistance at $1,280. The upward correction is facing an initial resistance at $1,280 high. Ether will rally above the 50-day line SMA if the initial resistance is broken. The largest altcoin is expected to rise to the high of $2,000 if price is scaled above the 50-day line SMA. Conversely, if the bulls fail to break the 21-day line SMA, Ether will fall and be compelled to a range-bound move between the moving average lines. However, if Ether falls and breaks below the 21-day line SMA, the downward correction will resume.

ETH Technical Indicators Reading
Ether is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The crypto price is above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move between the moving average lines.

It is above the 80% range of the daily stochastic. The market is in a bullish momentum. Ether may decline as the market reaches the overbought region. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The 21-line SMA is the resistance line that has been broken.

Conclusion
Ether has regained bullish momentum as it battles resistance at $1,280. The altcoin is also facing a resistance level of $1,280. The current uptrend has reached bullish exhaustion. The uptrend will resume if Ether falls and finds support above the 21-day line SMA. However, the downtrend will resume if price breaks below the 21-day line SMA.

Ethereum Breaks Recent High but Battles Resistance at $1,280
ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.