Ethereum Bulls Attempt to Break the $2,000 Psychological Price Level

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Key Highlights

Ethereum approaches the $2,000 high
Ether trades in the overbought region

Ethereum ETH) Current Statistics
The current price: $1,988.53
Market Capitalization: $242,566,050,964
Trading Volume: $17,386,508,988
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 13, 2022
Ethereum (ETH) price is rising consistently upward as it reaches the $2,000 psychological price level. The current uptrend is likely to reach the high of $2,200 high. Buyers have been able to clear the resistance levels of $1,700 and $1,800 price levels. The largest altcoin is approaching the high of $2,016. On the upside, if the bulls breach the resistance at $2,016, the market will reach a high of $2,200. Nonetheless, a further upward movement of the coin is doubtful. This is because the two price indicators have shown the overbought condition of Ethereum.

Ethereum Bulls Attempt to Break the $2,000 Psychological Price Level
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 71 of the Relative Strength Index for period 14. The largest altcoin has reached the overbought region of the market. The implication is that Ether has reached bullish exhaustion. The altcoin is above the 80% range of the daily stochastic. Sellers will emerge in the overbought region to push prices downward. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Conclusion
Ether price is already in an uptrend zone as it approaches the $2,000 psychological price level. It is doubtful if the uptrend will continue. Meanwhile, on July 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to level 1.618 Fibonacci extension or $2,004.00.

Ethereum Bulls Attempt to Break the $2,000 Psychological Price Level
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.