Ethereum Retraces from $2,300 High, Upside Ahead

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Ethereum (ETH) price failed to break above resistance at $2,300 on June 30. A breakout above the recent high would have pushed Ether to retarget previous highs of $2,600 and $2,900. The largest altcoin faces rejection at the recent high.
The current price decline could reach a low of $2,000. This current retracement is a setup for a possible rise above the high at $2,300. The largest altcoin will continue a new upward move above the $2,000 support. However, if the bears break below the $2,000 support, the sellers will push Ether to the previous low at $1,710. Ethereum indicator analysis The bears are breaking below the resistance line in the descending channel. If the price breaks through and closes below the resistance line, the downtrend will resume. The altcoin is at level 43 of the Relative Strength Index of period 14, which indicates that the cryptocurrency is in the bearish trend zone and is capable of falling downwards.Source