Ethereum (ETH) Price Analysis: Ether Slumps, Faces Rejection at $1,760 High

Ethereum (ETH) Price Analysis: Ether Slumps, Faces Rejection at $1,760 High

Key Highlights
Ethereum bears break price range of between $1,640 and $1.760
Ether plunges to $1,500 as bulls buy the dips

Ethereum ETH) Current Statistics
The current price: $1,590.09
Market Capitalization: $181,549,767,904
Trading Volume: $40,117,939,936
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis February 7, 2020
Ether has plunged to $1.486.80 as bulls buy the dips. The biggest altcoin has commenced a fresh uptrend after it fell below the current price range. Before now Ether was fluctuating between levels $1,640 and $1,760 as bulls fail to break the $1.760 resistance level. On the upside, if the price breaks the $1,760 resistance, the market will rise to reach the targeted price level of $2,000. Otherwise, the current fluctuation will persist between the current ranges.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is also above the 80% range of the daily stochastic. The coin is in an overbought region of the market. It is in bullish momentum. The biggest altcoin is at level 48 of the Relative Strength Index period 14.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum fell after rejection from the $1,760 resistance. The Fibonacci has indicated an upward move and later a retracement. On February 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will rise to level 1.272 Fibonacci extension or the high of $1,804.54. Later it will reverse to 78.6% Fibonacci retracement level.


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Author : Azeez Mustapha

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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.