Ethereum (ETH) Price Analysis: Ether Is in a Downward Correction, Fluctuates Between $1,740 and $1,820

17 March 2021 | Updated: 17 March 2021

Key Highlights
Ether fluctuates betwee $1,740 and $1,820
The biggest altcoin risks further decline to $1,640

Ethereum ETH) Current Statistics
The current price: $1,786.34
Market Capitalization: $204,930,282,284
Trading Volume: $21,676,257,238
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 17, 2021
Ether has been in a downward correction for the past three days, The coin is fluctuating between $1,740 and $1,820. Today the price is falling after retesting the $1,800 resistance level. The selling pressure will increase if the bears break the current support at $1,740. That is, the biggest altcoin will further decline to $1,640. Meanwhile, Ether is trading at $1,775.80 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto’s price is falling toward the support of the moving averages. If the bears break below the SMAs, the selling pressure will resume. On the other hand, if price finds support above the SMAs, it will signal the resumption of uptrend. The coin has fallen to level 53 of the Relative Strength Index. This indicates that Ether is in the uptrend zone and above the centerline 50.

ETH/USD – 4 Hour Chart

Conclusion
The biggest altcoin is likely to decline if the current support is breached. On March 15 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that ETH will fall to level 1.618 Fibonacci extensions or a low of $1,638.76.

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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.