Ethereum Surpasses Its Recent High And Approaches $2,000 Mark

Jul 05, 2023 at 07:30 // Price
Author
Coin Idol
Ethereum and approaching the psychologically important $2,000 level

Cryptocurrency analysts of Coinidol.com report, Ethereum price (ETH) has surpassed the $1,920 mark.

Ethereum price long-term analysis: bullish

The largest altcoin is moving slightly and approaching the high at $1,950.30. After the recent price decline above $1,800, Ether recovered on June 30. The price of Ether is moving between $1,800 and $1,920.

The price indicator predicts that Ether will climb to its previous highs. A retraced candlestick tested the 61.8% Fibonacci retracement line during the June 22 upswing. According to the retracement, ETH will rise to the level of the 1.618 Fibonacci extension, or $2,123.71. The initial resistance for the upswing is currently near the $2,000 resistance zone. As buyers try to overcome the recent high, the altcoin is also hovering between $1,920 and $2,000 per unit.

Ethereum indicator analysis

Ethereum has a positive momentum with a Relative Strength Index of 61 for the period 14. The value of the altcoin can rise much further. The moving average lines are above the price bars, which indicates that prices will continue to rise. The Ether market is currently overbought. It is above the daily stochastic level of 80. Sellers might show up in an overpriced area.

ETHUSD_(Daily Chart) – July 4.23.jpg

Technical indicators:  

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

Ethereum is rising and approaching the psychologically important $2,000 level. The altcoin is currently trading below the $2,000 resistance level but above the $1,920 support level. Ether will perform when these thresholds are crossed. Doji candlesticks have slowed down the price movement due to their presence.

ETHUSD_(4 Hour Chart) – July 4.23.jpg

As we reported on June 30, if the $1,800 support level is broken, Ether will fall above the $1,720 breakout level. As long as the resistance and support levels remain intact, the movement will continue in a certain range.

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.com. Readers should do their research before investing in funds.

Show comments(0 comments)