Ethereum Rallies To an Overbought Region As It Faces Rejection at $1, 1132

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Ethereum ETH) Current Statistics
The current price: $1,110.56
Market Capitalization: $134,830,905,442
Trading Volume: $11,609,141,096
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $1,500, $1,000, $500

Ethereum (ETH) Price Analysis July 4, 2022
Ethereum’s (ETH) price is in a downward correction as it faces rejection at $1, 1132 . The upward moves have been restricted by the 21-day line moving average. A price rebound above the $1,000 support will catapult the crypto’s price to rally above the moving averages. Today, the bears are attempting to breach the current support. On the downside, Ether will decline to $881 low if the bears are successful. The bearish momentum will extend to $600.62 if the selling pressure persists. . Conversely, if Ether’s price holds above the $1,000 support and rebounds, Ether will rise to the high of $1,703. In the meantime, Ether bulls are holding the current support as the market continues its fluctuations.

Ethereum Rallies To an Overbought Region As It Faces Rejection at $1, 1132
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 31 of the Relative Strength Index for period 14. It indicates that the market has reached the oversold region. It is below the 40% range of the daily stochastic. It is in a bearish momentum. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The 21-line SMA is the resistance line to the price bars.

Conclusion
Ether is hovering above the $1,000 support as it faces rejection at $1, 1132. The upward move is being restricted by the 21-day line SMA. Ether will resume an uptrend if price breaks the 21-day line SMA. The Fibonacci tool analysis will hold if price breaks below the $1,000 support. Meanwhile, on June 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall but reverse at level 1.272 Fibonacci extension or $600.62.

Ethereum Rallies To an Overbought Region As It Faces Rejection at $1, 1132
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.