Ethereum (ETH) Price Analysis: Ether Consolidates Below $4,200, Uptrend Likely

24 October 2021 | Updated: 24 October 2021

Highlights
Ethereum price is facing rejection at $4,200
Ether is resuming a fresh uptrend

Ethereum ETH) Current Statistics
The current price: $4,032.75
Market Capitalization: $476,099,086,368
Trading Volume: $14,735,834,907
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 24, 2021
Ethereum’s (ETH) price is in a downward move and it is consolidating below the $4,200 resistance zone. Since October 21, Ethereum has been in a downward move after rejection from the high of $4,370. The bulls have also retested the $4,200 resistance after falling below it. The selling pressure is likely to extend below $4,000. A break below the $4,000 support will further cause the crypto to decline. On the other hand, if the support holds, the biggest altcoin will commence the resumption of an upward move.

ETH/USD – Daily Charts

ETH Technical Indicators Reading
The cryptocurrency has fallen to level 61 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is above the centerline 50. The market is likely to resume an upward move. Ether is above the 40% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 4-hour chart, ETH/USD is in a downward move. Buyers have failed to break above $4,200 resistance on three occasions. On each occasion, the market will decline on the downside. ETH price has broken below the 21-day SMA. Meanwhile, on October 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extension or level $3,840.84. From the price action, Ether has fallen to the low of $3,892 before resuming upward.

ETH/USD – 4 Hour Chart

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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.