Key Highlights
- Ethereum makes an upward move but faces resistance at the $185 price level
- A rally is possible if the price breaks the $225 supply zone
- The $153 demand zone is likely to hold as the market failed to breach the support level on three occasions
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Ethereum (ETH) Current Statistics
The current price: $174
Market Capitalization: $18,992,464,071
Trading Volume: $7,163,386,819
Major supply zones: $200, $225, $250
Major demand zones: $150, $125, $100
Ethereum (ETH) Price Analysis
In May and June, Ethereum had a bullish run as the market reached a high of $325 supply zone. The upward move could not be sustained as the market fell after retesting the $325 supply zone. On July 16, Ethereum price fell to a low of $200 supply zone and commenced a range-bound move between the $153 demand zone and $225 supply zone. The market attempted to breach the $225 supply zone on three occasions but failed.
Similarly, the token also found support above the $153 demand zone on three occasions. Presently, the price is making an upward move to retest the resistance zone. The market is likely to continue its sideways move if the price fails to break the $225 supply zone or price finds support above $153 demand zone.
Ethereum Technical Indicators Reading
The Fibonacci tool indicates that the market will reverse at the 1.272 extension level since the candlestick body tested the 0.786 Fibonacci retracement level. The price bounced back on three occasions after testing the $153 demand zone.
On the upside, if the price breaks the bearish trend line and closed above it, the market will resume its uptrend move. Meanwhile, the stochastic indicator is above the 20% range which indicates that price is in a bullish momentum and a buy signal.
Conclusion
According to the Fibonacci tool, the market may reverse after reaching the 1.272 Fibonacci extension level. In other words, if the downward move is over, then there is a likelihood that the market will be in upward move. We should expect the price to rise, the moment the bearish trend line is breached. The bullish candlesticks have tested the bearish trend line on three occasions but failed to break it. Nevertheless, if more buyers come in at the current demand zone, the price will make an upward movement to reach the previous highs.
Disclaimer: The views and opinions expressed here do not reflect that of the website and do not constitute financial advice. Always do your research.