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

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.

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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.