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

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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.

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.

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.

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