Ethereum Fluctuates Below $1,600 as It Targets the $2,013 High

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Ethereum ETH) Current Statistics
The current price: $1,583.87
Market Capitalization: $190,932,146,693
Trading Volume: $21,131,727,001
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis July 21, 2022
Since July 18, Ethereum’s (ETH) price has remained the same as it targets the $2,013 high. Ether is still trading in the overbought region of the market. The crypto’s price is struggling to break above the $1,600 high. For the past four days, the Ether price is fluctuating below the resistance level. The bottom line is that the market ought to decline as it reaches the overbought region. However, buyers are attempting to keep the price above the $1,600 resistance level. The next target price will be the highs of $1,800 and $2,013 price levels. Conversely, if the altcoin faces rejection at the $1,600 resistance zone, Ether will decline. Sellers will emerge in the overbought region to push prices down.

Ethereum Fluctuates Below $1,600 as It Targets the $2,013 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 65 of the Relative Strength Index for period 14. It indicates that ETH is in the uptrend zone as it approaches the overbought region of the market. Ether’s price bar is above the 21-day line SMA and the 50-day line SMA indicating a possible rise of the coin. It is above the 80% range of the daily stochastic. Ether is in a bearish momentum.


Conclusion
Since July 18, Ether has been trading in the overbought region of the market as it targets the $2,013 high. The uptrend will resume if the bulls breach the resistance at $1,600. However, the altcoin will decline if sellers emerge in the overbought region.

Ethereum Fluctuates Below $1,600 as It Targets the $2,013 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.