Ethereum Is in a Range but Holds above $1,800 Support

Azeez Mustapha


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Ethereum ETH) Current Statistics
The current price: $1,871.73
Market Capitalization: $224,977,637,461
Trading Volume: $6,348,381,121
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis July 12, 2023
The price of Ethereum (ETH) is climbing but holds above $1,800 support. Since July 6, the altcoin had been caught between the moving average lines. Doji candlesticks have slowed price movement because of their presence.

On the plus side, if buyers break through the 21-day simple moving average, Ether will advance and retest its prior highs of $1,950 and $2,000. Alternatively, if the bears break through the 50-day simple moving average, the decline will resume.

The market will fall to its previous low of $1,725 per share. Meanwhile, Ether is caught between the moving average lines.

Ethereum Is in a Range but Holds above $1,800 Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is bouncing but remains at Relative Strength Index level 51 for period 14. As demand and supply have found a balance, the altcoin’s price has plummeted to the equilibrium level. The altcoin’s range-bound movement will continue as it is caught between the moving average lines.

Ether is in a bearish trend below the daily Stochastic threshold of 40.

The market’s direction is unpredictable because it is caught between the moving average lines and Ether holds above $1,800 support. Ether is currently trading between $1,800 and $1,900 per coin. When the range-bound levels are breached, the altcoin will trend.

Meanwhile, due to the existence of Doji candlesticks, price movement has been static.

Ethereum Is in a Range but Holds above $1,800 Support
ETH/USD – 4 Hour 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.

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