Ethereum (ETH) Price Analysis: Ether Declines below $1,750 as Bulls Fail To Sustain the Current Momentum

24 March 2021 | Updated: 24 March 2021

Key Highlights
Ethereum bulls break lower price range of $1,750
The biggest altcoin is likely to reverse at level $1,615

Ethereum ETH) Current Statistics
The current price: $1,679.74
Market Capitalization: $193,519,854,025
Trading Volume: $20,772,054,180
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 24, 2021
Ethereum bulls have broken the $1,750 support as ETH price dropped to $1,676.10 low. For the past week, the biggest altcoin has been holding above $1,750 support. Occasionally, buyers will push Ether to retest the $1850 high but could not break the recent high. However, the bears have broken the current support as the market resumes a downward move. The crypto has fallen to $1,768 low and it is consolidating above it. The market will decline to $1,500 low if the bears break the current support.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether’s price has broken below 21-day and 50-day SMAs. This indicates that the selling pressure may resume. The bullish trend line has been partially broken by price. This may bring about trend change. In other words, the uptrend has given way to a downtrend.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum’s downward move has not subsided as price slumps above $1,600 support. Meanwhile, on March 22 bearish trend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that ETH will fall to level 1.272 Fibonacci extensions or a low of $1,615. 16. Ether will fall at this low but will reverse to 78.6% Fibonacci where it originated.

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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.