Ethereum (ETH) Price Analysis: Ether Consolidates Above $1,700 Support, Faces Rejection at the Recent High

Key Highlights
Ethereum attains a new high of $1,825 but faces rejection
The biggest altcoin retraces to consolidate above $1,700

Ethereum ETH) Current Statistics
The current price: $1,725.59
Market Capitalization: $198,057,849,490
Trading Volume: $39,676,507,929
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis February 11, 2020
Ethereum attained a new high of $1,825 but could not sustain the upward move. Yesterday, the biggest altcoin was repelled as the coin slumped to $1,700 support. For the past 48 hours, Ether has been fluctuating between $1,700 and $1,760. The $1,760 resistance was the previous peak price of Ether. On the upside, if a breakout occurs at the minor resistance of $1,760, it will retest or break the $1,825 high. The bullish momentum will extend to reach the targeted price level of $2,000. Nonetheless, if the upside momentum fails to resume, Ether may be range-bound between $1,700 ad $1,825.

ETH Technical Indicators Reading
The cryptocurrency is above the 80% range of the daily stochastic. This indicates that the price has reached the overbought region. It is in a bullish momentum. Ether is at level 52 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and capable of rising.

Conclusion
Ethereum is currently fluctuating above $1,700 for a possible upward move. Nevertheless, on February 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will rise to level 1.272 Fibonacci extension or the high of $1,932.34. Later Ether will reverse to 78.6% Fibonacci retracement level where it originated


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