The biggest altcoin by market capitalization, Ethereum (ETH) has gotten through the opposition zone of $2,200 to attain a peak of $2,400 in what is regarded as an amazing ride. Following an uptrend, investors tried to get past the $2,200 point within the past two days. Eventually, bulls scaled through that opposition point in the wake of a two-day price correction. However, the $2,400 opposition point is a barrier for Ethereum to beat.
Ethereum is probably going to confront opposition at the $2,400 peak, in view of potential gains. ETH was unable to cross two times at the $2,400 peak on July 4 and July 7 in the last price movements. Despite this, a similar decline looks possible as the altcoin is trading at the overbought region of the market. Accordingly, the price may experience a decline and plummet to the depth of $2,300.
Ethereum Bearish in the Long Run
Ethereum is over the MA. The opposition region of the declining channel has been tested and broken. This shows that the crypto asset is probably going to ascend to the potential gain. Ethereum is positioned at phase 61 of the Relative Strength Index of period 14, which indicates that it can accommodate a price upswing. The crypto asset has crossed the 80% area of the day-to-day stochastic. It proposes that the market is in the overbought zone. Ethereum is probably going to decline.
ETH|USD Source: TradingView
Significant opposition Levels – $4,000 and $4,500
Significant Support Levels – $2,500 and $2,000
Where is Ethereum Headed?
Ethereum will proceed with bullish energy after the correction. In a related development, on July 26 upswing; a retraced candlestick tried the 78.6% Fibonacci correction point. As such, although the correction proposes that Ethereum is in line for a bounce, it will turn around at the 1,272 Fibonacci expansion point or the $2,464.24 mark. Also, Ethereum will make a return and get back to the 78.6% Fibonacci correction point where it started.
Flagship cryptocurrency, Bitcoin records an 11% move following the Amazon report on Bitcoin payments. Ethereum followed suit on an 8% move, with AMP leading Altcoins gainers with a 35% daily move and a week-peak of 50%.