Ethereum (ETH) Price Analysis: Ether Continues Its Range-Bound Move, Faces Rejection at $1,865 High

Ethereum (ETH) Price Analysis: Ether Continues Its Range-Bound Move, Faces Rejection at $1,865 High

Key Highlights
The biggest altcoin faces resistance at $1,865 high
Ethereum retraces, resumes range bound movement between $1,600 and $1,800

Ethereum ETH) Current Statistics
The current price: $1,838.37
Market Capitalization: $211,914,097,732
Trading Volume: $22,344,437,333
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 31, 2021
For the past three days, Ethereum has been rising and trading marginally. Today, Ether is facing rejection at the $1,900 resistance zone. Since March 10, buyers have not been able to sustain a price above the $1,900 high. On March 14, Ether was resisted at $1,933 high when buyers failed to sustain the bullish momentum above it. The biggest altcoin fell to $1,546 low and resumed an upward move. Today, altcoin is facing resistance as price retraces. The crypto is likely to be range-bound for a few more days between $1,600 and $1,800. If the bulls break the resistance zone and sustain the bullish momentum, the $2,000 overhead resistance will be breached.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is above 70% range of the daily stochastic. The coin is in a bullish momentum and approaching the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is above the SMAs which indicates a possible rise.

ETH/USD -Daily Chart

Conclusion
Ethereum is trading marginally and confined in a range.
On March 10, a retraced candle body tested the 88.6% Fibonacci retracement level. This implies that ETH will rise to level 1.1129 Fibonacci extensions or a high of $1,936.50. From the price action, the market has reached a high of $1,936 and has fallen into the range-bound zone.

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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.