Ethereum Regains Bullish Momentum, Attempts to Break Recent High at $2,085

The price of Ethereum (ETH) bounced above the $1,805 support as buyers pushed the largest altcoin above the $2,034.26 high. The current upside move will likely face rejection at the recent high of $2,085. The crypto is retesting the overbought area of the market.

There is a tendency for Ether to fall. However, in a strongly trending market, the overbought conditions may not last as the uptrend could continue. On the upside, Ethereum will rally to $2,600 if current resistance is broken. The bullish momentum is likely to extend to break or retest the $2,900 resistance. However, if the current bullish momentum is rejected, Ethereum is likely to fall to the support at $1,900. On June 23 and 24, Ether was pushed back in the overbought territory of the market.

Ethereum indicator analysis  

Ether price is rising while retesting the descending channel resistance line. If the price breaks through and closes above the resistance line, the uptrend will continue. The cryptocurrency is at level 43 of the Relative Strength Index of period 14, which indicates that ETH /USD is in a downtrend and is capable of falling downwards.

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?

Ethereum has resumed its uptrend but is currently facing resistance. Meanwhile, the uptrend from June 27; a retreating candlestick has tested the 50% Fibonacci retracement level. The retracement suggests that ETH will rise to the 2.0 Fibonacci Extensions level or the $2,051.34 level. From the price action, it appears that the bulls are struggling to break through resistance at $2,085.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.