Ethereum (ETH) Price Analysis: Ether Resumes Uptrend but May Face Rejection at $2,400

Ethereum (ETH) Price Analysis: Ether Resumes Uptrend but May Face Rejection at $2,400

Key Highlights
Ethereum rebounds above the previous low at level $1,717
The altcoin is likely to resume an upward move

Ethereum ETH) Current Statistics
The current price: $2,123.30
Market Capitalization$247,927,183,514
Trading Volume: $23,064,862,946
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis June 30, 2021
Since June 26, Ethereum has been making positives move on the upside. The biggest altcoin rebounded above $1,710 support to resume upward. The bulls pushed the altcoin to the high of $2,220 but were resisted. On June 21, Ether was repelled at this resistance level as the market declined to the previous low at $1,717. The bulls bought the dips as the market resumes upward. On the upside, a break above $2,200 resistance will catapult the coin to rally to $2,600.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 46 of the Relative Strength Index period 14. The altcoin is in the downtrend zone and below the centerline 50. The crypto’s price is below the 80% range of the daily stochastic. It indicates that Ether is in the bearish momentum. Presently the altcoin is likely to find support above level $2080.

ETH/USD – 4 Hour Chart

Conclusion
On the 4 hour Chart, Ethereum has resumed its upward move. The current uptrend is facing the resistance at a level $2,200. The uptrend will resume if price breaks the current resistance.
Meanwhile, on June 29 uptrend; a retraced candle body tested 78.6 % Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension and reverse. That is, Ether will reverse at level $2,360. 43.



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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.