Ethereum Price Сontinues Its Uptrend After a Minor Retracement to $2,500 Support

Aug 02, 2021 at 10:31 // News
Coin Idol
ETH in the process of retreating from its recent high

The price of Ethereum (ETH) is in a gentle uptrend. The largest altcoin has reached a high of $2,697, but is currently in the process of retreating from its recent high.

Ethereum Price Long-Term Analysis: Bullish

The uptrend is encountering rejection at a high of $2,700. Ether is retreating from the recent high as the altcoin trades in the overbought territory of the market. 

The cryptocurrency's upside is doubtful. However, in a market with a strong trend, the overbought condition may not last. The altcoin could retrace and resume the current trend. Bullish candlesticks indicate a resumption of the uptrend. It is likely that the cryptocurrency price will continue to rise as Ether targets the high of $2,800. 

Ethereum Indicator Analysis

Ether is at level 71 on the Relative Strength Index for period 14. The cryptocurrency has reached the overbought area of the market as the altcoin declines. The cryptocurrency has no room for an upside rally. Altcoin is above the 80% area on the daily stochastics. Stochastics have also pointed to the overbought condition of the cryptocurrency.


Technical Indicators: 

Major Resistance Levels - $4,000 and $4,500

Major Support Levels - $2,500 and $2,000 

What Is the Next Direction for Ethereum? 

The largest altcoin is back on the retreat after rejecting the high at $2,700. There are signs of another uptrend. Meanwhile, the uptrend from July 26 has retraced a candlestick that tested the 61.8% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 1.618 Fibonacci extension level or to the $2,861.01 level.


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

Show comments(0 comments)