Ethereum Challenges the $1,600 Resistance as It Eyes the $2,013 High

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Ethereum ETH) Current Statistics
The current price: $1,573.23
Market Capitalization: $191,324,964,552
Trading Volume: $29,594,661,037
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis July 19, 2022
Ethereum’s (ETH) price has resumed its uptrend as it eyes the $2,013 high. The current uptrend has reached the overbought region as it faced rejection at the $1,600 resistance zone. In a strong uptrend, the overbought condition may not hold. The current uptrend may resume if the bulls break the recent high. This will propel Ether to rise to the highs of $1,800 and $2,013 price levels. On the other hand, if Ether faces rejection at the $1,600 resistance zone, Ether will decline. Sellers will emerge in the overbought region to push prices down.

Ethereum Challenges the $1,600 Resistance as It Eyes the $2,013 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The largest altcoin is at level 66 of the Relative Strength Index for period 14. It indicates that ETH is in the uptrend zone as it approaches the overbought region of the market. Ether’s price bar is above the 21-day line SMA and the 50-day line SMA indicating a possible rise of the coin. It is above the 80% range of the daily stochastic. The crypto is in an overbought region.

Conclusion
Ether is in an uptrend as it eyes the $2,013 high. The altcoin is eyeing the previous high of $2,013. However, it risks further decline as the market reaches the overbought region of the market. The uptrend will resume after a minor retracement.

Ethereum Challenges the $1,600 Resistance as It Eyes the $2,013 High
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.