Ethereum Faces Rejection and Continues To Fluctuate Between $1,050 and $1,200

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Ethereum ETH) Current Statistics
The current price: $1,219.96
Market Capitalization: $148,185,290,126
Trading Volume:$12,928,705,760
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $1,500, $1,000, $500

Ethereum (ETH) Price Analysis June 26, 2022
Ethereum’s (ETH) price is in a downtrend as it continues to fluctuate between $1,050 and $1,200 price levels. The altcoin is facing rejection after reaching the 21-day line SMA or the high of $1,280. . On the upside, Ether will rally to $1,700 high if the bulls break above the resistance at $1, 1280. On the other hand, if the altcoin turns from the 21-day line SMA, Ether will decline to the $1,000 psychological price level. Later, Ether will decline to the previous low of $881 if the bears break below the current support.

Ethereum Faces Rejection and Continues To Fluctuate Between $1,050 and $1,200
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 39 of the Relative Strength Index for period 14. Buyers are pushing the coin upward as they emerge in the oversold region of the market. Ether’s price bars are far below the moving averages indicating a further decline. It is above the 40% range of the daily stochastic. The market is in a bullish momentum.


Conclusion
Ethereum is declining as it continues to fluctuate between $1,050 and $1,200. The bears will attempt to push the coin to the $1,000 psychological price level. Ether may further decline if the bears break below the current support. Meanwhile, on June 18; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $600.62. From the price action, Ether is trading above the $1,000 support.

Ethereum Pushes above $1,200 Resistance, May Rally to $1,700 High
ETH/USD – Daily Chart

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Azeez Mustapha

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.