Ethereum (ETH) Price Analysis: Ether Corrects Upward, Faces Rejection at the $3,110 Resistance

Key Highlights
Ethereum downtrend may break the $3,000 price level
Ether’s price corrects upward for a final downward move

Ethereum ETH) Current Statistics
The current price: $3,107.68
Market Capitalization:$364,275,903,001
Trading Volume: $364,275,903,001
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis August 18, 2021
For the past 5 days, Ether has been in a downward move. Yesterday, the biggest altcoin fell to the low of $2,993.90. However, today, the market is resuming upward as Ether finds support above the 21-day SMA. The selling pressure will resume if price breaks below the moving averages. Meanwhile, on August 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will fall but reverse at level 1.272 Fibonacci extensions or level 2886.76.66

ETH Technical Indicators Reading
Following the recent downtrend, the altcoin is at level 60 of the Relative Strength Index period 14. The crypto is still in the uptrend zone and can rise on the upside. The crypto’s price is above the 25% range of the daily stochastic. This implies that the market is in a bullish momentum.

Conclusion
Despite the upward correction, Ethereum is likely to further decline and break the $3,000 price level. Meanwhile, on August 17 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.0 Fibonacci extensions or level 2877.85

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