Ethereum Fluctuates Below $1,600 High Amidst Bullish Expectations

Updated:

Key Highlights

Ethereum reaches an overbought region at $1,600
Ether may resume another selling pressure

Ethereum ETH) Current Statistics
The current price: $1,517.98
Market Capitalization: $185,098,454,303
Trading Volume: $18,952,840,933
Major supply zones: $1,500, $1,600, $1,300
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis July 24, 2020
Ethereum’s (ETH) price is trading in the bullish trend zone amidst bullish expectations. On July 18, Ether’s price broke above the moving average lines as the altcoin reached the high of $1,595. Further upward moves have been restrained at the $1,600 resistance level. In the meantime, the largest altcoin has continued to fluctuate below the $1,600 resistance. On the upside, if the bulls break the $1,600 high, the market will rise to the high of $2,013 . Conversely, if Ether turns from the $1,600 resistance, Ether may decline to a $1,319 low.

Ethereum Fluctuates Below $1,600 High Amidst Bullish Expectations
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 60 of the Relative Strength Index for period 14. It indicates Ether is in the bullish trend zone and capable of a further upward move. The altcoin is above the 80% range of the daily stochastic. It indicates the ETH is in the overbought region of the market. The altcoin has reached bullish exhaustion as sellers emerge in the overbought region. The 21-day SMA and 50-day SMA are pointing upward indicating the uptrend. The 21-day SMA provides the support level for price movement,


Conclusion
Ethereum is in an uptrend but struggles below the $1,600 high amidst bullish expectations. The altcoin has reached the overbought region of the market. Sellers are likely to emerge to push prices downward. However, on the upside, a price rebound will break the $1,600 overhead resistance.

Ethereum Fluctuates Below $1,600 High Amidst Bullish Expectations
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.