Ethereum (ETH) Price Analysis: Ether is in a sideways move, as Bulls Contemplate Next Move

Ethereum (ETH) Price Analysis: Ether is in a sideways move, as Bulls Contemplate Next Move

Key Highlights
Ethereum fluctuates between $2,001 and $2,142 price levels
The biggest altcoin has a target price of $2238.03

Ethereum ETH) Current Statistics
The current price: $2,085.25
Market Capitalization: $28,557,558,824
Trading Volume: 115,367,292 ETH
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 7, 2021
Following the attainment of its peak price, the biggest altcoin is fluctuating below the recent high. Ether retraces to $2,001 low and resumed fluctuation below the recent high. On April 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension or $2,291.19. Ether will reverse at the recent high to the 78.6% Fibonacci retracement where it originated.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has risen to level 64 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and it approaching the oversold region. The SMAs are sloping upward indicating the uptrend. The crypto’s price is above the SMAs which suggests a possible rise in price.

ETH?USD – 4 Hour Chart

Conclusion
Ethereum is fluctuating in a price range and it is likely to move upward. On April 2, a retraced candle body tested the 78.6% Fibonacci retracement on April 3 and 5. This also confirmed that the market will rise to level 1.272 Fibonacci extension on the 4-hour chart. That is the high of $2238.03.



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Author : Azeez Mustapha

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