Ethereum (ETH) price is making an upward correction but was repelled at the $2,560 resistance. The biggest altcoin would have resumed an uptrend if the price has broken the previous lower high of $2,600.
Since June 7, Ethereum's price has been making a series of lower highs and lower lows. The current lower high is facing rejection at $2,560. If the price falls and breaks below the previous low at $2,300, the selling pressure will resume.
Presently, the upward move is facing rejection at the recent high which will cause the altcoin to fall. Presently, the current price action has reached the overbought region of the market. This may bring about the presence of sellers in the overbought region. Besides, the crypto’s price is below the moving averages which make the crypto prone to fall on the downside.
The crypto’s price is attempting to break above the resistance line of the descending channel. Ether will resume an uptrend if the price breaks and closes above the resistance line. The price bars are below the moving averages which suggest that the market is in the bearish trend zone. Ether is above the 80% range of the daily stochastic. Ether is in the overbought region of the market.
Major Resistance Levels – $4,000 and $4,500
Major Support Levels – $2.500 and $2,000
Ethereum price is in a downward move. The upward correction is facing rejection at $2,560. Meanwhile, on June 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will fall to level 2.0 Fibonacci extension or level $1,791.03. Ether is facing rejection at the 50-day SMA.
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.