Ethereum (ETH) Price Analysis: Ether in a Minor Retracement, May Resume an Uptrend

31 October 2021 | Updated: 31 October 2021

Ethereum price rallied to $4,445 high
Ether may decline to $4,109 low

Ethereum ETH) Current Statistics
The current price: $4,249.15
Market Capitalization: $500,474,728,891
Trading Volume: $17,251,740,375
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 31, 2021
Ethereum’s (ETH) price is retracing after the recent rejection at $4,456. At first, the cryptocurrency retraced to $4,235 low and corrected upward. The upward correction was terminated at the $4,400 resistance as the bears resume downward move. Ether has fallen to the low of $4,164 and resumed upward. If the current support holds, the market will continue to rise on the upside. However, if the current support fails to hold, the downtrend will resume.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 59 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 1-hour chart, ETH/USD is in a downward move. Bullish candlesticks are indicating a possible upward move of Ether. Meanwhile, on October 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extensions or level $4,109.77. From the price action, Ether has fallen to the low of $4,170 and it is resuming upward.

ETH/USD – 1 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.