Ethereum Price Analysis: Weekly High Acts As Selling Zone, Will $1000 Mark Be The Next stop?

• Ethereum’s price offered a strong rally last night, up 4.3% over the past 24 hours.
• The 20-day moving average is trading below Ethereum’s current price, but short-sellers are aiming to break this level.
• Looking at the daily price scale, ETH has been trading within a horizontal range for the past several days.

Ethereum, the world’s second-largest cryptocurrency, manages the $1000 conceptual round level. The bears are barely attempting to control the ETH price, but the bulls do not want to lose control of the asset.

The price of Ethereum rose 4.3 percent in the last 24 hours to $1,155.82, after falling below $1,000 for the second time. Meanwhile, buyers were in the green until the price reversed from a five-day high of $1160.

Looking at the daily price scale, ETH has been trading within a horizontal range for the past several days. Finally, after seeing the Hammer candlestick on June 30th, the bulls pushed the price of Ethereum to a well-heeled high.

According to data from CMC over the past 24 hours, buyers saw a 2% gain in the ETH coin’s market cap of $135.4 billion. While the Ethereum coin against the USDT pair is trading at the $1115 mark at the time of writing, at the same time the Ethereum coin is up 3% at 0.05701 satoshis in the green zone with the Bitcoin pair.

Trading volume suggests a sideways trend for Ethereum as the daily volume bars remain below the moving average (blue). Still, the 20-day SMA is below Ethereum’s current price, but short-sellers are aiming to break this level.

ETH trades in the horizontal range 

Stoch RSI once again moves into the overbought territory after a minor retracement in the context of the daily price graph.

Besides, the MACD indicator moved towards the neutral zone after a bullish crossover.

Conclusion

Ethereum price is likely to close below the 20-day EMA after a strong rally. Although both the bulls and the bears are fighting hard for the dominance of the market, buyers can control a further bullish trend if ETH price holds above the 20 DMA.

Support level – $1000 and $900

Resistance level – $1250 and $1500

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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