Ethereum (ETH) Price Analysis: Ether Consolidates Above $3,140 Support, Resumes Uptrend

Azeez Mustapha
29 August 2021 | Updated: 29 August 2021

Key Highlights
Ethereum fluctuates between levels $3,140 and $3,285
Ether targets levels $3,509.66

Ethereum ETH) Current Statistics
The current price: $3,245.41
Market Capitalization: $380,841,599,323
Trading Volume: $13,152,593,752
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 29, 2021
Ethereum (ETH) bulls are presently battling to break the resistance at $3,285. The resistance level has been retested twice but was repelled. In today’s rejection, Ether plunged to the low of $3,140 as bulls bought the dips. On the upside, if the bulls break the resistance at $3285, the market will rise to the previous high of $3,380.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
ETH is at level 56 of the Relative Strength index period 14. It indicates that the market is in the bullish trend zone and above the centerline 50. The biggest altcoin is likely to resume upward. ETH/USD is below the 50% range of the daily stochastic. It indicates that the altcoin is in a bearish momentum. This is contrary to the price action which is now bullish.

Conclusion
Today, Ethereum dropped sharply after the rejection at the $3,285 high. The market is consolidating above $3,140 for a possible upward move. Meanwhile, on August 28 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will rise to level 2.0 Fibonacci extensions or level $3,086.11.

ETH/USD – 4 Hour Chart

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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.