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Ethereum Reaches Bullish Exhaustion as It Fluctuates Below $1,800 High

Date:

Sep 12, 2022 at 13:51 // Price

The Ethereum (ETH) price is rallying as it heads for the $1,800 resistance zone. The largest altcoin traded and reached the overbought region of the market.

The uptrend will resume if the price goes back above the moving average lines. If the buyers overcome the resistance at $1,800, Ether will recover to the upper resistance at $2,030. Today, ETH/USD turned down from the $1,800 resistance zone. 

It is likely to fall back to the previous lows. The cryptocurrency is in a minor retracement as it drops above the moving average lines. However, if Ether falls back below the moving average lines, the selling pressure will intensify. The bearish momentum will extend to the low of $1,424. Today, the Ether price has retreated to the low of $1,742 at the time of writing. The price movement was slow as the doji candlesticks, small indecisive candles, were seen.

Ethereum indicator analysis

Ether is at level 57 of the Relative Strength Index for period 14. It is in the bullish trend zone and could continue to rise. The altcoin is still above the 80% area of the daily stochastic. Ether is trading in the overbought zone of the market. Sellers have emerged while the altcoin is falling. The price of the cryptocurrency is above the moving average lines, which suggests that the uptrend could continue.

ETHUSD(Daily+Chart)+-+September+12.png

Technical indicators

Key Resistance Zones: $2,500, $3,300, $4,000

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Key Support Zones: $2,000, $1,500, $1,000

What is the next direction for Ethereum?

Ethereum has reached bullish exhaustion as it falls above the moving average lines. The altcoin is slightly bearish as it fluctuates above the $1,700 support. The cryptocurrency is trading below the $1,800 resistance zone, which makes an uptrend possible.

1662990256700_ETHUSD(Daily+Chart+2)+-+September+12.png

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.

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  • Source: https://coinidol.com/ethereum-1800-high/

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