Ethereum (ETH) Price Analysis: Ether Declines, May Reach the Lows of $1,200 or $1,000

Ethereum (ETH) Price Analysis: Ether Declines, May Reach the Lows of $1,200 or $1,000

Key Highlights
Ethereum bulls are struggling to hold above $1,300 support
The biggest altcoin will slump again if the current support at $1,400 is broken

Ethereum ETH) Current Statistics
The current price: $1,354.55
Market Capitalization: $156,343,211,173
Trading Volume: $22,578,249,561
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis February 28, 2021
Ethereum bulls are struggling to hold above the $1.300 support as sellers threaten to short. This second round of downtrend was caused by the bulls’ failure to sustain above $1,700 resistance. Following its rejection at $1,700, the coin fell to $1,400 and pulled back. The Pullback was short-lived above the $1,500 high as bears pushed price below $1,400 support. The bears have broken the current support as price falls to $1,364.80 at the time of writing. We expect the price to reach the lows of either $1,000 or $1,200.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto’s price has fallen below the 25% range of the daily stochastic. It indicates that Ether has fallen into the oversold region of the market. In the oversold region, sellers may emerge to push prices down. The crypto is at level 34 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum may continue its downward move. The price has fallen into the oversold region. On February 23 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement implies that ETH will fall to level 1.618 Fibonacci extensions or a low of $943.54.

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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.