Ethereum (ETH) Price Analysis: Ether Breaks Resistance at $3,160, Resumes Uptrend

Azeez Mustapha
11 August 2021 | Updated: 11 August 2021

Key Highlights
Ethereum will further rise to $3358.64
Ether is likely to reverse at the recent high

Ethereum ETH) Current Statistics
The current price: $3,246.34
Market Capitalization:$380,024,389,343
Trading Volume: $27,492,967,167
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis August 11, 2021
Ethereum’s (ETH) price has been in a smooth uptrend. The price action has recorded two retracements on August 3 and 8. Further upside is expected. Meanwhile, on August 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will rise but reverse at level 1.272 Fibonacci extensions or level $3373.60. The crypto will reverse to 78.6% Fibonacci retracement level where it originated.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 75 of the Relative Strength Index period 14. The biggest altcoin is in the overbought region as sellers are likely to emerge. In other words, Ether is likely to reverse as the market reaches the overbought region. The altcoin is also above the 80% range of the daily stochastic. The crypto is expected to fall in the overbought region.

ETH/USD – 4 Hour Chart

Conclusion
Since August 8, Ethereum has been in a sideways move below the resistance at $3,160. Each time, the resistance is retested; the crypto will fall to $3,080 low and resumed upward. On August 11, Ether’s price broke the resistance as the market resumes upward. Meanwhile, on August 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.618 Fibonacci extensions or level 3358.64.

You can purchase crypto coins here: Buy Tokens



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.