Ethereum Hovers above The $1,000 As Bulls Defend Support

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Ethereum ETH) Current Statistics
The current price: $1,027.41
Market Capitalization: $123,650,433,924
Trading Volume: $16,395,499,125
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $1,500, $1,000, $500

Ethereum (ETH) Price Analysis June 30, 2022
Ethereum’s (ETH) price has declined marginally above the $1,000 support as bulls defend support. The current decline was caused by rejection at the $1,280 resistance. The bulls had earlier pushed the altcoin to the resistance at $1,280 but failed to break the 21-day line SMA. As price falls above the $1,000 support, the bears will attempt to break below it. Ether will fall to the low of $881 if the $1,000 support is breached. The bearish momentum will extend to the low of $600 if the selling pressure persists. From every indication, the $1,000 support may not hold as the altcoin declines to the previous low.

Ethereum Hovers above the $1,000 As Bulls Defend Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 30 of the Relative Strength Index for period 14. It indicates that the market has reached the oversold region of the market. The selling pressure is likely to subside. The crypto’s price bars are below the moving averages indicating a further decline. The crypto’s price is below the 40% range of the daily stochastic. The market is in a bearish momentum.


Conclusion
Ether is hovering above the $1,000 support as bulls defend support. The altcoin will attempt to rebound if the current support holds. Nonetheless, the price indicator has indicated a possible decline. Meanwhile, on June 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall but reverse at level 1.272 Fibonacci extension or $600.62.

Ethereum Hovers above the $1,000 As Bulls Defend Support
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.