Ethereum (ETH) Price Analysis: Ether Hovers Above $1, 860, Downtrend Is Likely

Ethereum (ETH) Price Analysis: Ether Hovers Above $1, 860, Downtrend Is Likely

Key Highlights
Ethereum hovers above $1,860
The biggest altcoin may resume selling pressure

Ethereum ETH) Current Statistics
The current price: $1,887.75
Market Capitalization:$218,682,298,326
Trading Volume: $12,916,256,319
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 18, 2021
Ethereum is in a downward move as price hovers above the previous low at $1,755. The selling pressure is likely to resume if price breaks below the previous low. The biggest altcoin is trading marginally because of the presence of small body candlesticks called Doji. Meanwhile, on June 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.0 Fibonacci extensions . That is at level $1,621.30. From the price action, the market is hovering above $1,860l.

ETH/USD – DFaily Cjhart

ETH Technical Indicators Reading
Ether is at level 40 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50. Ether is below the 20% range of the daily stochastic. It indicates that the coin has fallen to the oversold region of the market. The implication is that buyers are likely to emerge in the oversold region.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is likely to resume a fresh downward move as the altcoin faces rejection at $2,9. Meanwhile, on July 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.272 Fibonacci extensions and reverse. That is level $1,677. 79.

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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.