Ethereum Nears $2,200, But Could Face Resistance

The Ethereum price (ETH) has reached the symbolic figure of $2,000.

Long-term analysis of the Ethereum price: bullish

At the time of writing, the price of one Ether is $2,105. Coincidentally, this price level corresponds to August 8, 2022. The price of Ether fell steadily until it bottomed out at this point in history. The market is overbought, so the uptrend is likely to see little price movement in today's price action. On the positive side, the uptrend could rise to $2,200, but could face resistance there. Ether could fall to its previous low if it is rejected at the current high. If Ether rises above the 21-day line SMA, the uptrend on the downside will remain in force. However, if the price falls below the 21-day line SMA, selling pressure could resume.

Analysis of Ethereum indicators

Ether's Relative Strength Index is at 74 for the 14 period, and the largest altcoin is now part of the market's overbought zone. It is unlikely that the price of cryptocurrencies will continue to rise. Ether could fall if sellers appear in the overbought area of the market. The daily stochastic indicates that Ether is overbought. It is above the 80 level of the daily stochastic.

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,800 and $1,300

What is the next direction for Ethereum?

Ethereum is rising and approaching its recent high of $2,200. The largest altcoin could be rejected at a high of $2,200. However, a market that is in a strong trend cannot remain in an overbought condition. The $2,200 threshold could be breached by Ether.

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 in funds.