Ethereum (ETH) Price Analysis: Ether Consolidates Above $1,800 Support, Faces Rejection at the Recent High

Key Highlights
Ethereum is in a downward correction after reaching a new high of $1,874
Ethereum has a target price of $2,000

Ethereum ETH) Current Statistics
The current price: $1,822.97
Market Capitalization: $209,764,960,109
Trading Volume: $31,280,576,015
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis February 14, 2021
Yesterday, Ethereum price reached another new high of $1,874. The new high was repelled as price fell to the support above the 21-day SMA. The presence of bullish candlestick above the 21-day SMA is an indication of a further upward move. Presently, Ether is trading at $1,807 at the time of writing. On the upside, if price rises and breaks the recent high, Ether will rally above the targeted price of $2,000. The biggest altcoin will continue the sideways move if the bulls fail to break the $1,874.

ETH Technical Indicators Reading
The 21-day SMA is acting as support. Each time price retraces from the recent high, it will find support above the 21-day SMA which signals the resumption of a further upward move. Ether has risen to level 66 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and approaching.

Conclusion
Ethereum has trading marginally and approaching the target price of $2,000. On February 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will rise to level 1.272 Fibonacci extension or the high of $1,936.21. Later Ether will reverse to 78.6% Fibonacci retracement level where it originated

 

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