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

14 February 2021 | Updated: 15 February 2021

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/USD – Daily Chart

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.

ETH/USD – 4 Hour Chart

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

 

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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.