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

Updated:

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

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.