Ethereum (ETH) Price Analysis: Ether Declines, Faces Rejection at the $2,200

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RESULTS

Key Highlights
Ethereum price stuck at $2,200
The altcoin is facing rejection


Ethereum ETH) Current Statistics
The current price: $2,125.68
Market Capitalization: $248,907,918,520
Trading Volume: $15,552,790,504
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 25, 2021
On July 24, Ethereum rallied to the high of $2,200 but faces rejection at the recent high. Since July 24, Ethereum has been compelled to a sideways move below the recent high. The selling pressure will resume if the bulls fail to break the resistance level. Besides, the biggest altcoin has reached the overbought region of the market. Ether will resume downward as sellers emerge in the overbought region.

ETH Technical Indicators Reading
Ethereum price has broken above the resistance line of the descending channel. The uptrend will continue if price breaks and closes above the resistance line. Ether is at level 54 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. The crypto is above the 80% range of the daily stochastic. It indicates that the coin has reached the overbought region of the market. The implication is that sellers are likely to emerge in the overbought region.

Conclusion
The biggest altcoin is likely to fall as the market reaches the overbought of the market. Meanwhile, on July 24 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.618 Fibonacci extensions or level 2047.43

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