Ethereum (ETH) Price Analysis: Ether Consolidates Above $2,400 Support amidst Bullish Expectation

Azeez Mustapha
4 August 2021 | Updated: 4 August 2021

Key Highlights
Ethereum is in a range bound move
Ether consolidates above $2,400

Ethereum ETH) Current Statistics
The current price: $2,583.00
Market Capitalization: $302,125,091,039
Trading Volume: $302,125,091,039
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis August 4, 2021
Following the bearish impulse of August 3, Ethereum fell to $2,464.20 low and resumed consolidation above the current support. The selling pressure has subsided as the altcoin consolidates above the current support. For the past 48 hours, the crypto is fluctuating between $2,460 and $2,520. On the downside, if the bears break the current support, the crypto will decline to $2,420 before resumption of upward move. On the other hand, a break above the $2,520 resistance will signal the resumption of upward move.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has fallen to level 63 of the Relative Strength Index period 14. The crypto is in the uptrend zone and it is above centerline 50. The altcoin is above the 25% range of the daily stochastic. The biggest altcoin has earlier fallen to the oversold region of the market.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is in a downward correction. It is presently consolidating for a possible upward move. Meanwhile, on July 26 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 2865.40

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Azeez Mustapha

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.