Ethereum (ETH) Price Analysis: Ether Consolidates Above $2,060, Resumes Uptrend

Ethereum (ETH) Price Analysis: Ether Consolidates Above $2,060, Resumes Uptrend

Key Highlights
Ethereum plunges to $2,060 support
The biggest altcoin has resumed an upward move

Ethereum ETH) Current Statistics
The current price: $2,128.92
Market Capitalization: $248,334,148,450
Trading Volume: $15,655,182,665
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 11, 2021
Since July 8, Ether plunged to $2,082 and resumed consolidation above the $2,060 support. The biggest altcoin has reached bearish exhaustion above the $2,020 support. Bullish candlesticks are indicating a possible upward of the crypto. Meanwhile, on July 5 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 2.0 Fibonacci extensions or level $3,049.52. From the price action, the market is consolidating above $2,100 support for a possible upward move.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 45 of the Relative Strength Index period 14. The crypto is in the downtrend zone and below the centerline 50. The crypto is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum will regain bullish momentum if the current support holds Meanwhile, on July 9 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 2.618 Fibonacci extension or level $2,394.63. From the price action, Ether has risen to $2,119 after consolidating above the current support for the past two days.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.