Ethereum Rallies to $1,825 as It Breaches Immediate Resistance Levels

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Key Highlights

Ethereum approaches the $2,000 psychological price level
Ether trades in the overbought region

Ethereum ETH) Current Statistics
The current price: $21,995,891,334
Market Capitalization: $21,995,891,334
Trading Volume: $21,999,629,344
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 10, 2022
Ethereum (ETH) has resumed its uptrend as it breaches immediate resistance levels. The crypto’s price is making a series of higher highs and higher lows. Buyers have pushed Ether above the resistance at $1,700 and $1,785 if the altcoin rebounds above the current support. Ether has risen to the high of $1,809 which is the historical price level of May 28. On the upside, if the bulls break the current resistance level, the largest cryptocurrency will rally to $2,000 and $2,200 price levels. On the other hand, if the bulls fail to break the resistance at $1,809, Ether will decline and continue the range-bound movement.

Ethereum Rallies to $1,825 as It Breaches Immediate Resistance Levels
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 65 of the Relative Strength Index for period 14. The crypto is in the bullish trend zone and it is approaching the overbought region. Ether will continue to rise as long as the price bars are above the moving average lines. The altcoin is above the 80% range of the daily stochastic. Sellers will emerge in the overbought region to push prices downward. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.
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Conclusion
ETH/USD is in an upward move as it breaches immediate resistance levels. 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 $2,004.

Ethereum Rallies to $1,825 as It Breaches Immediate Resistance Levels
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.