Ethereum (ETH) Price Analysis: Ether Faces Rejection at Level $1,600, a Possible Retest Likely

Key Highlights
The biggest altcoin rebounded above $1,457
Ether faces rejection at level $1,600

Ethereum ETH) Current Statistics
The current price: $1,560.46
Market Capitalization: $179,050,879,551
Trading Volume: $21,354,604,705
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 3, 2021
Since February 28, Ethereum has recovered from the recent downtrend. On February 28, the altcoin fell to $1,296 as bulls bought the dips. Yesterday, the upward move was facing some resistance at $1,600 high. Buyers attempted to push above the $1,600 resistance twice but were repelled. The market fell to $1,457 and resumed a fresh uptrend. Today, Ether is rising to retest the $1,600 resistance. The crypto will rise to $1,800 if the current resistance is breached.

ETH Technical Indicators Reading
Ether is at level 47 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50. The crypto will resume upside momentum if it breaks above the SMAs. The coin is below the 80% range of the daily stochastic but the stochastic bands are sloping upward indicating an upward move.

Conclusion
Ethereum is making an upward move after recovering from the recent low. On March 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that ETH will rise to level 1.618 Fibonacci extensions or a high of $1,790.95.

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