Ethereum Reaches the Overbought Region as It Holds Above $1,600

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Key Highlights

Ethereum trades below the $1,780 resistance zone
Ether fluctuates between $1,600 and $1,780

Ethereum ETH) Current Statistics
The current price: $1,674.83
Market Capitalization: $203,972,885,538
Trading Volume: $16,732,859,387
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis July 31, 2020
Ethereum (ETH) price is in an uptrend as it holds above $1,600. It has retraced above the $1,600 support. The largest altcoin is now fluctuating between $1,600 and $1,800 price levels. On the upside, if the bulls breach the $1,780 high, the altcoin will rally to the highs of $2,000 and $2,500. There is a likelihood of a further upward move as bulls continue to retest the $1,700 resistance zone. In the meantime, the upward move is doubtful because of the presence of small body indecisive candlesticks called Doji. The candlesticks indicate that buyers and sellers have reached a period of indecision. Ether is trading at $1,673.50 at the time of writing.

Ethereum Reaches the Overbought Region as It Holds Above $1,600
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The cryptocurrency is at level 63 of the Relative Strength Index for period 14. Ether is trading in the bullish trend zone as it faces rejection at the $1,700 high. The altcoin is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. The moving average lines are sloping upward indicating the uptrend.

Conclusion
The largest altcoin is fluctuating below the recent high as it holds above $1,600. Ether is in a minor retracement. Meanwhile, on July 19 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ETH will rise to level 2.0 Fibonacci extension or $2,289.61.

Ethereum Reaches the Overbought Region as It Holds Above $1,600
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.