Ethereum Is in a Range-Bound Move as It Faces Rejection at $1,750

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Key Highlights

Ethereum is stuck below the $1,785 resistance zone
Ether risks further decline

Ethereum ETH) Current Statistics
The current price: $1,737.73
Market Capitalization: $211,072,737,123
Trading Volume: $18,556,047,106
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 5, 2022
Since July 18, Ethereum’s (ETH) price has been fluctuating below the $1700 resistance zone as it faces rejection at $1,750. For the past two weeks, buyers have failed to break the $1,700 overhead resistance. Further, the upward move is doubtful as the largest altcoin trades in the overbought region. On the upside, if the bulls break the overhead resistance, Ether will rally to the high of $2,013. Nevertheless, Ether may decline if the bulls fail to break the recent high. The cryptocurrency will fall to the low of $1,300 as bears break below the moving average lines.

Ethereum Is in a Range-Bound Move as It Faces Rejection at $1,750
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 65 of the Relative Strength Index for period 14. Ethereum is in the bullish trend zone and capable of a further upward move. The price bars are above the moving average lines indicating further upward movement of prices. ETH/USD is above the 80% range of the daily stochastic. It indicates that the market is in a bullish momentum and it is overbought. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.


Conclusion
Ethereum is still fluctuating below the $1,700 overhead resistance level as it faces rejection at $1,750. Ether risks decline if it fails to break the overhead resistance. Meanwhile, on July 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will rise to level 1.618 Fibonacci extension or $2,047.43.

Ethereum Is in a Range-Bound Move as It Faces Rejection at $1,750
ETH/USD – Daily Chart

You can purchase crypto coins here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.