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

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/USD – Daily Chart

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.

ETH/USD – 4 Chart

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.

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.