Cryptocurrency analysts at Coinidol.com report that the price of Ethereum (ETH) has risen back above the $1,800 support level after being caught between moving average lines.
The uptrend reached a high of $2,014 before reversing. On the upside, Ether has moved into an overbought region of the market. Sellers could emerge in the overbought region and drive prices lower. However, the price indicator predicts that the cryptocurrency will continue to rise.
A retraced candlestick tested the 61.8% Fibonacci retracement level of the June 23 upswing. The retracement suggests that ETH will rise to the 1.618 Fibonacci extension or $2,128.35. Ether is currently trading below the psychological price threshold of $2,000. At the time of writing, Ether was trading at $1,991.80.
At a Relative Strength Index level of 65 for period 14, Ethereum is trading in the bullish trend zone. After the price comeback, the price bars are now above the moving average lines. This will help the altcoin to go even higher. However, Ether is currently in the overbought zone on the daily stochastic. It is above the stochastic level of 80 on the daily basis.
Key resistance levels - $1,800 and $2,000
Key support levels - $1,600 and $1,400
The largest altcoin has resumed its positive momentum and reached a psychological high of $2,000 in price. The value of the altcoin is rising as it approaches the historical price level of April 14. The market reached a high of $2,135 on April 14, but was rejected. The uptrend is currently rejected at the recent high.
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.