Ethereum (ETH) Price Analysis: Ether Reaches the Overbought Region at $2,400 as Selling Pressure Resumes.

Ethereum (ETH) Price Analysis: Ether Reaches the Overbought Region at $2,400 as Selling Pressure Resumes.

Key Highlights
Ethereum bulls face rejection at recent high
The biggest altcoin has reached an overbought region of the market

Ethereum ETH) Current Statistics
The current price: $2,345.74
Market Capitalization: $273,406,230,919
Trading Volume: $23,554,898,278
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 7, 2021
Since July 2, Ethereum has been making positive moves. Today, the market has risen to the high of $2,409. Presently, the upward move is facing resistance at the recent high. On July 4, Ether was repelled at the recent high as the crypto plunged to $2,160 low. The market resumes upward to retest the recent high. Meanwhile, on June 30 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension and reverse. That is the high of $2,457.85. From the price action, the market has reached a high of $2,409 and it is falling.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 53 of the Relative Strength Index period 14. The crypto is in the uptrend zone and above the centerline 50. The crypto is above the 80% range of the daily stochastic. It indicates that the coin is in the overbought region of the market. Sellers have already emerged to push prices down.

ETH/USD – 4 Hour Chart

Conclusion
On the 4 hour chart, Ethereum is rising on the upside. The bulls retested the $2,409 resistance zone and were repelled. Presently, Ether is falling after testing the resistance zone. Meanwhile, on June 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension and reverse. That is the high of $2,379.99.


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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.