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/USD – Daily Chart

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.

ETH/USD – 4 Hour Chart

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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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.