The price of Ethereum (ETH) has been in a downward correction since July 8. Ether plunged to $2,020 and continued to consolidate above $2,060 support. Ether is trading at $2,142.70 at the time of writing.
Altcoin's largest upside move is running into rejection at the $2,180 resistance. Since July 9, bulls have tested this resistance four times but have been rejected. Meanwhile, Ether is in a downward correction as the price swings high between $2,070 and $2,180. On the upside, if the bulls break the 2,180 resistance, Ethereum will go high to $2,400. On the downside, if the $2,070 support is broken, the bears will again try to lower the crypto below $2,000. The altcoin may fall further to 1,728.20.
The Relative Strength Index period 14 has fallen to the 46 level. It indicates that the altcoin is in the bearish trend zone and below the midline 50. Ether is above the 66% area of the daily stochastic. It implies that the market is in a bullish momentum.
Major Resistance Levels - $4,000 and $4,500
Major Support Levels - $2,500 and $2,000
There is a possibility of further upward movement of the cryptocurrency. Buyers are struggling to break through the initial resistance at $2,180. Meanwhile, the uptrend from July 9 tested the 23.6% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 4,236 Fibonacci extension level. That is the high of $2,567.63.
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.