Ethereum (ETH) Price Analysis: Ether Continues Its Rally as It Breaks Resistance at $2,150 and $2,200

Ethereum (ETH) Price Analysis: Ether Continues Its Rally as It Breaks Resistance at $2,150 and $2,200

Key Highlights
Ethereum bulls break resistances at $2,150 and $2,200
The biggest altcoin has broken resistance at level $2,300

Ethereum ETH) Current Statistics
The current price: $2,349.68
Market Capitalization: $270,957,376,500
Trading Volume: $30,816,542,480
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 14, 2021
Buyers have broken the $2,150 and $2,200 resistance as Ether approaches the $2500 high. The biggest altcoin is facing resistance at the $2,300 high. The market price will rise if the current resistance is breached. Ether is expected to rise to $2,500 high if the bullish momentum is sustained. However, Ether will reverse at the recent high, if it faces rejection. Meanwhile, on April 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that ETH will rise to level 1.272 Fibonacci extensions but the crypto may reverse.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has risen to level 68 of the Relative Strength Index period 14. The crypto is approaching the overbought region of the market. The 21-day SMA and 50-day SMA are sloping upward.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has broken the initial resistance at $2,300 as price surged ahead. Meanwhile, on the 4 Hour Chart, a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Ethereum will rise to level 2.0 Fibonacci extension or the high of $2,347.32. From the price action, the market has risen to the Fibonacci level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.