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

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RESULTS

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 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.

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.

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