Ethereum (ETH) Price Analysis: Ether Is in a Smooth Uptrend, Targets $2,868


Key Highlights
Ethereum is in a smooth uptrend
Ether has a target price of $2,869

Ethereum ETH) Current Statistics
The current price: $2,560.28
Market Capitalization:$299,372,790,157
Trading Volume: $20,159,580,566
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis August 1, 2021
Ethereum has been rising consistently on the upside. The upward move has been in a smooth uptrend. The uptrend is likely to face the resistance at the high of $2,700. The price indicators have shown that Ether is trading in the overbought region of the market. The upward move of the crypto is doubtful. However, in a strong trending market, the overbought condition of the crypto may not hold. In other words, the market will continue to rise.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 71 of the Relative Strength Index period 14. The coin is in the uptrend zone and has no room to rally on the upside. The altcoin is above the 80% range of the daily stochastic. The price indicators are signaling the overbought condition of the coin.

ETH/USD – 4 Hour Chart

The biggest altcoin has continued to rise on the upside. Ether price is making a series of higher highs and higher lows. Meanwhile, on July 26 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 2869.80

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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.