Ethereum (ETH) Price Analysis: Ether Recovers above $1,900, an Upward Move Likely

Ethereum (ETH) Price Analysis: Ether Recovers above $1,900, an Upward Move Likely

Key Highlights
Ethereum reaches $1,863 low and pulled back
The biggest altcoin has resumed an uptrend

Ethereum ETH) Current Statistics
The current price: $1,944.26
Market Capitalization:$226,595,023,679
Trading Volume: $17,616,407,906
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 14, 2021
Today, Ethereum reached the low of $1,863 as bulls bought the dips. For the past week, the biggest altcoin has been in a downward move. This was after the rejection at the $2,400 high. Today, the market is showing some bullish signals for a possible uptrend. Meanwhile, on July 9 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 and reverse. That is at level $1,945.69. From the price action, the market has shown bullish signals for a possible reversal.

ETH/USD – Daily Chart

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. The crypto 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 has resumed consolidation above the $1,900 support as price resumes upward. On the 4 hour chart, Ether fell to the oversold as buyers emerge. Meanwhile, on July 8 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 and reverse. That is level $1,951.04. From the price action, the market has bullish signals for a possible reversal.

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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.