Ethereum Holds Above $1,000 Support but Struggles below the $1,150 High
Azeez Mustapha
Ethereum ETH) Current Statistics
The current price: $1,135.40
Market Capitalization: $138,002,571,479
Trading Volume: $14,777,803,800
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000
Ethereum (ETH) Price Analysis July 14, 2022
Ethereum’s (ETH) price is in a downward correction as it falls below the moving average lines but struggles below the $1,150 high. On July 12, Ether fell below the moving average lines to the low of $1,029 but the bulls corrected upward and were repelled. The 21-day line SMA has restrained a further upward movement of the cryptocurrency. Ether is retracing to the $997 support. The altcoin will rally above the 21-day line SMA and break the resistance at $1,280 if it rebounds. The bullish momentum will extend to the 50-day line SMA. On the other hand, if the selling pressure persists, the altcoin will decline to $881 low.
ETH Technical Indicators Reading
The largest altcoin is at level 41 of the Relative Strength Index for period 14. It indicates that ETH is in the downtrend zone and may further decline. Ether’s price bar is below the 21-day line SMA and the 50-day line SMA indicating a possible decline. It is below the 40% range of the daily stochastic. The crypto is in a bearish momentum.
Conclusion
Ether risks further decline if the $1,000 support is breached but struggles below $1,150 high. That is, the largest altcoin will revisit the previous low at $881. Ether will further decline where the previous low of $881 is being threatened. Meanwhile, on June 18 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall to a level 1.272 Fibonacci extension or level $600 60 price level.
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