Ethereum May Lose Psychological Support as It Revisits the $881 Low

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Ethereum ETH) Current Statistics
The current price: $1,087.19
Market Capitalization: $132,160,328,287
Trading Volume: $12,159,094,059
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis July 11, 2022
Ethereum’s (ETH) price is an upward correction as it revisits the $881 low. Presently, Ether is above the 21-day line SMA but below the 50-day line SMA. The price movement has been slow because of the presence of small body indecisive candlesticks. The bears are attempting to break below the 21-day line SMA. However, a break below the 21-day line SMA support, will cause the cryptocurrency to decline to the previous low of $881 or $997. Conversely, if the 21-day support holds, buyers will attempt to push the cryptocurrency to the 50-day line SMA. A break above the 50-day line SM will signal the resumption of the uptrend.

Ethereum May Lose Psychological Support as It Revisits the $881 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The largest altcoin is at level 42 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 still above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move. It is below the 80% range of the daily stochastic. The crypto is in a bearish momentum.


Conclusion
Ether has resumed downward move as it revisits the $881 low. The largest altcoin has declined below the 21-day line SMA.  The downtrend has resumed if Ether falls to the previous low. However, the altcoin  will further decline if price breaks below the $881low.

Ethereum May Lose Psychological Support as It Revisits the $881 Low
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.