Ethereum (ETH) Price Analysis: Ether Fluctuates between $2,150 and $2,320 for a Possible Uptrend

Key Highlights
Ethereum price rallies to $2,440
The altcoin is likely to resume an uptrend after retracement

Ethereum ETH) Current Statistics
The current price: $2,284.03
Market Capitalization:$267,147,285,450
Trading Volume: $20,213,711,046
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 28, 2021
On July 26, Ethereum rallied to the high of $2,431 but pulled back. The biggest altcoin retraced to the low of $2,150 and resumed an uptrend. Ether price is now retesting the resistance at $2,320 to resume upward. If buyers break the resistance at $2,320, the market will rally to $2,486 high. However, if it faces rejection, ETH/USD will decline to the previous low at $2,220 or $2,145. Today, Ether is retracing after retesting the resistance at level $2.320. If the price breaks below the moving averages the selling pressure will resume.

ETH Technical Indicators Reading
Ether price is continuing as it broke above the resistance line of the descending channel. Ether has risen to level 60 of the Relative Strength Index period 14. The coin is in the uptrend zone and has room to rally on the upside. The altcoin is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum.

Conclusion
In the second uptrend of July 28, Ether is retracing from the $2.320 resistance. The uptrend will resume if it finds support above the 21-day SMA. However, if it breaks below the 21-day SMA, the downtrend will resume. Meanwhile, on July 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.618 Fibonacci extensions or level 2486.09

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