Ethereum (ETH) Price Analysis: Ether Drops Sharply as Bulls Fail to Overcome $4,280 High, May Resume Upward

Updated:

Highlights
Ethereum price is facing rejection at $4,300
Ether crashes to $3,938

Ethereum ETH) Current Statistics
The current price: $4,009.87
Market Capitalization: $473,212,160,569
Trading Volume: $26,523,339,261
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 27, 2021
Since October 25, Ethereum’s (ETH) price has been fluctuating below the $4,280 resistance. Buyers could not keep the price above the recent high after several attempts. Today, the bulls pushed ETH’s price to the high of $4,300 but were repelled. Ether is now in a downward move as price visits the previous low at $3,870. However, the biggest altcoin is hovering above the $4,000 support at the time of writing. If the market holds above the current support, then the bearish scenario is likely to be invalidated.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Despite the breakdown, the cryptos price is above the moving averages which indicates that prices are likely to rise. Ethereum is at level 56 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is above the centerline 50. Ether is above the 25% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 4-hour chart, ETH/USD is in a downward move but the bearish momentum has subsided. Bullish candlesticks are indicating a possible upward move of Ether. Meanwhile, on October 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extension or level $3,869.17. From the price action, Ether has fallen to the low of $3,951.27 and it is attempting to resume upward.

ETH/USD – 4 Hour Chart

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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.