Ethereum (ETH) Price Analysis: Ether Faces Rejection From $3,172 High, May Find Support Above $2,910

Azeez Mustapha
9 August 2021 | Updated: 9 August 2021

Key Highlights
Ethereum retraces to the $2,910 support
Ether fell to the oversold region of the market

Ethereum ETH) Current Statistics
The current price: $2,937.93
Market Capitalization:$343,825,159,518
Trading Volume: $28,397,784,483
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis August 9, 2021
Ethereum is falling after reaching a high of $3,172. As the biggest altcoin retraces, it will fall to the next support. Ether is likely to retrace to the support above $2,900. Before the recent fall, crypto has been trading in the overbought region of the market. Nonetheless, if the current support holds, the altcoin will commence the resumption of an upward move.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has fallen to level 67 of the Relative Strength Index period 14. It was overbought at the high of level 80 of the Relative Strength Index period 14. The crypto has retraced to the bullish trend zone. The altcoin is below the 25% range of the daily stochastic. The biggest altcoin has fallen to the oversold region of the market. Buyers are likely to resume upward.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is in a downward move. The altcoin fell after rejection from the recent high. Meanwhile, on August 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.618 Fibonacci extensions or level 2874.22

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Azeez Mustapha

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.