Ethereum Breaks the $3,400 Resistance but It Is Struggling Below $3,500

Ether surges to $3,800 high
The largest altcoin may face rejection in the overbought region

Ethereum ETH) Current Statistics
The current price: $3,492.44
Market Capitalization: $419,575,997,254
Trading Volume: $14,686,410,932
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 3, 2022
Ethereum’s (ETH) price has continued its bullish run but it is struggling below $3,500. Ether has risen to the high of $3,500 at the time of writing. The largest altcoin is likely to further rise to the upside as the buyers breach the resistance at $3,400. The altcoin will further rise to the high of $3,800. However, a further upward move is doubtful as the market reaches the overbought region. On the upside, Ether will face rejection at $3,800 high as the altcoin will be seriously in the overbought region. The market will decline to a low of $3,400 and $3,200 price levels.

ETH Technical Indicators Reading
Ether is at level 70 of the Relative Strength Index for period 14. The largest altcoin is trading in the overbought region. Sellers will emerge in the overbought region of the market. However, in a strong trending market, the overbought condition may not hold. The altcoin will continue to rise to the upside. . Ether is above the 80% range of the daily stochastic. The market is also above the overbought region. The 50-day line and 21-day line are sloping upward indicating the uptrend

Conclusion
Ethereum is on an upward move but it is struggling below $3,500. Buyers are struggling to keep the price above the $3,500 price level. The uptrend will resume after this initial resistance is breached. Meanwhile, on April 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will rise but reverse at level 1.618 Fibonacci extension or $3,695.10.

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