Ethereum (ETH) Price Analysis: Ether Breaks the $2,000 Psychological Price Level but Fails to Sustain Above It

Ethereum (ETH) Price Analysis: Ether Breaks the $2,000 Psychological Price Level but Fails to Sustain Above It

Key Highlights
Ethereum has rallied to $2,040 and pulled back
The biggest altcoin plunges $1,780 as price corrected upward

Ethereum ETH) Current Statistics
The current price: $1,944.75
Market Capitalization: $223,128,304,205
Trading Volume: $32,925,063,364
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis February 21, 2021
Ethereum has broken the $2,000 psychological price level but an uptrend could not be sustained. The bears pushed back the price to the low of $1,780. The bulls buy the dips as the market moves up to $1,950 high. Further upward moves are being restricted below the $2,000 resistance.
On the upside, if the bulls break the $2,000 high, the market will rally to $2,500. On the other hand, if the bulls fail to break the resistance, Ether will resume a range-bound movement between $1,875 and $2,000.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 69 of the Relative Strength Index period 14. The crypto has room to rally on the upside. The coin is likely to fall or range-bound in a confined range. The coin is below the 80% range of the daily stochastic. It is in a bearish momentum but the price action is indicating bullish signal.

ETH/USD – 4 Hour Chart

Conclusion
After the breakdown, Ethereum is likely to move up to retest or break the $2,000 resistance. On February 20 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement implies that ETH will rise to level 1.618 Fibonacci extensions or a high of $2,232.29.


You can purchase crypto coins here: Buy Coins


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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 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!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.