Ethereum (ETH) Price Analysis: Ether Upward Move Likely Breaks above the $2240 High

Key Highlights
Ethereum bulls break resistance at $2.240
The biggest altcoin has reached an overbought region of the market

Ethereum ETH) Current Statistics
The current price: $2,314.48
Market Capitalization: $269,566,723,335
Trading Volume: $269,566,723,335
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis July 4, 2021
Ethereum has been making positive moves for the past three days. The bulls have broken the previous high of $2,240 and it is making a pullback. If ETH price retraces to retest the previous high the uptrend is likely to resume. On the other hand, if the bears break below the previous high, the selling pressure will continue on the downside. 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 $2,430.65.

ETH Technical Indicators Reading
The altcoin is at level 52 of the Relative Strength Index period 14. The crypto is in the uptrend zone and above the centerline 50. Ether price is above the 80% range of the daily stochastic. This implies that the biggest altcoin has reached the overbought region of the market. Sellers are likely to emerge. Ether is falling because of the overbought condition of the market.

Conclusion
On the 4 hour Chart, Ethereum has resumed its upward move. Ethereum was repelled twice at the $2,240 resistance. Today, the bulls have breached the resistance as the altcoin reached the high of $2,346. The market is declining to retest the previous high. 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 $2,460.47



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