Ethereum Struggles above $1,000, May Face Rejection at $1.200 High

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Ethereum ETH) Current Statistics
The current price: $1,122.35
Market Capitalization: $136,083,289,045
Trading Volume: $27,411,264,653
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,000, $1,500, $1,000

Ethereum (ETH) Price Analysis June 20, 2022
Ethereum’s (ETH) price is in an upward move as it may face rejection at $1.200 high. The upward move is facing resistance at $1,168 high. On the upside, Ether will rally to $1,300 high if the bulls break above the resistance at $1,168. On the other hand, if the bears break below the $1, 051 support, Ether will decline to the previous low of $881. In the meantime, Ether is rising as it reaches the high of $1,168 at the time of writing.

Ethereum Bulls Struggles above the $1,000, May Face Rejection at $1.200 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 28 of the Relative Strength Index for period 14. The coin is rising as buyers emerge in the oversold region of the market. Ether’s price bars are far below the moving averages indicating a further decline. It is above the 80% range of the daily stochastic. The market is reaching the overbought region .

Conclusion
Ethereum is making positive moves as it may face rejection at $1.200 high. Ether breaks above the 21-day line SMA but fails to break the 50-day line SMA. The upward movement will be accelerated if the bulls break above the 50-day line SMA. Meanwhile, on June 19 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.618 Fibonacci extension or $1,322.14.

 Ethereum Bulls Struggles above the $1,000, May Face Rejection at $1.200 High
ETH/USD – 4 Hour 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.