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

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.

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.

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