Ethereum (ETH) Price Analysis: Ether Makes Upward Correction to $1,915 High, Downtrend Likely

21 July 2021 | Updated: 21 July 2021

Key Highlights
Ethereum price corrected upward to $1,915
The altcoin may resume selling pressure


Ethereum ETH) Current Statistics
The current price: $1,904.81
Market Capitalization : $222,445,288,235
Trading Volume: $222,445,288,235
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 20, 2021
Following the bearish trend on July 20, Ether fell to $1,730 low and resumed an upward correction. Today, the upward correction has reached the high of $1,915.90 but it is facing resistance at the recent high. Presently, the upward move is doubtful as Ether reaches the overbought region of the market. Meanwhile, on July 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.272 Fibonacci extensions . That is at level $1,600.67.

Daily Chart

ETH Technical Indicators Reading
Ether is at level 44 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50. Ether 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. The 21-day and 50-day SMAs are sloping down indicating the downtrend.

4 Hour Chart

Conclusion
Ethereum has been correcting upward as price breaks above the moving averages. On the 4 hour chart, Ether is facing rejection at the 50-day SMA. Meanwhile, on July 20 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 level $1,677. 79.

You can purchase crypto coins here: Buy Tokens



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results



  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.