Ethereum Pushes above $1,200 Resistance, May Rally to $1,700 High

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Ethereum ETH) Current Statistics
The current price: $1,159.93
Market Capitalization: $140,426,191,751
Trading Volume: $14,546,961,956
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 23, 2022
Ethereum’s (ETH) price is in a downtrend but may rally to $1,700 high. It has recovered above the $1,000 psychological price level. Since June 21, buyers have failed to break above the $1,200 resistance zone. At the previous price, action Ether was repelled at $1,191high. Today, buyers are pushing the coin to the $1,200 resistance zone. Ethereum will rally to a $1,700 high if the bulls break above the resistance at $1,200. On the other hand, if the bears break below the current support, The market will decline to the previous low of $881.

Ethereum Pushes above $1,200 Resistance, May Rally to $1,700 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 58 of the Relative Strength Index for period 14. The coin is in the bullish trend zone and capable of further upward of the altcoin. Ether’s price bars are far below the moving averages indicating a further decline. It is below the 20% range of the daily stochastic. The market is reaching the oversold region of the market.

Conclusion
Ethereum is still in a downward correction but may rally to $1,700 high. Meanwhile, on a weekly chart; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.618 Fibonacci extension or $864.69. From the price action, the coin has retested the Fibonacci extension and resumed upward.

Ethereum Pushes above $1,200 Resistance, May Rally to $1,700 High
ETH/USD – Weekly 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.