Ethereum Struggles above the $1,700 Support as It Reaches the Overbought Region

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Key Highlights

Ethereum hovers above the $1,700 support
Ether targets the high of $2,050

Ethereum ETH) Current Statistics
The current price: $1,707.28
Market Capitalization: $207,866,779,127
Trading Volume: $22,932,845,987
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis July 29, 2020
Ethereum (ETH) price is making impressive upward moves to the previous highs as it reaches the overbought region. For the past 48 hours, the largest altcoin has been fluctuating above the $1,700 support. Ether has reached bullish exhaustion as it trades in the overbought region of the market. On the upside, if the crypto’s price has broken the recent high, Ether would have risen to the high of $2,050. On the downside, if Ether faces rejection at the recent high, it will decline to the previous low above $1,300. Meanwhile, ETH/USD is trading at $1,705 at the time of writing.

Ethereum Struggles above the $1,700 Support as It Reaches the Overbought Region
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 65 of the Relative Strength Index for period 14. It indicates that Ether is in the bullish trend zone and may further rise to the upside. The crypto is above the 80% range of the daily stochastic. It is trading in the overbought region since July 18. Sellers may be attracted to the overbought region. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Conclusion
ETH/USD has resumed its upward move as it reaches the overbought region. The price has indicated further upward movement of the coin. 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 $2,047.43.

 Ethereum Struggles above the $1,700 Support as It Reaches the Overbought Region
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.