Ethereum (ETH) Price Analysis: Ether Makes a Minor Retracement, Resumes Upside Momentum

Ethereum (ETH) Price Analysis: Ether Makes a Minor Retracement, Resumes Upside Momentum

Key Highlights
Buyers break the $2000 overhead resistance to reach a high of $2,142.70
The biggest altcoin retraces to $2000 support and resumes upward

Ethereum ETH) Current Statistics
The current price: $2,030.20
Market Capitalization: $234,540,196,771
Trading Volume: $32,064,074,442
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 4, 2021
Ether retraces after attaining a new high of $2,142.70. The biggest altcoin has fallen and found support above $1,980 . The coin has resumed a fresh uptrend. The previous uptrend was resisted at the high of $2,140. On the upside, if the bulls break the recent high, the uptrend will resume. A further upward movement to the high of $2,500 is expected.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 61 of the Relative Strength Index period 14. The altcoin is in the uptrend zone and capable of the upside. The crypto has fallen into the oversold region of the market. The crypto is expected to rise as buyers are expected to emerge in the oversold region.

ETH/USD – 1 Hour Chart

Conclusion
Ethereum has been in a downward move after reaching the recent high.On April 3 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This implies that ETH will fall to level 2.628 Fibonacci extensions or a low of $1,984.16. The coin has consolidated above $1,980 support to resume upward.

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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.