Ethereum (ETH) Price Analysis:Ether Rallies above $3,800, Fluctuates Below $4,000 High

Ethereum (ETH) Price Analysis:Ether Rallies above $3,800, Fluctuates Below $4,000 High

Key Highlights
Ethereum rebounded above $3,250 support, approaches the high of $4,000
Ethereum trades in the overbought region

Ethereum ETH) Current Statistics
The current price: $3,929.29
Market Capitalization: $453,997,802,661
Trading Volume: $53,397,522,939
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 9, 2021
Yesterday, Ethereum bulls broke the resistance at $3,542 as the altcoin approached the high of $4000. The biggest altcoin upward move is doubtful as the market reaches the overbought region. It is assumed that sellers will emerge in the overbought region of the market. Meanwhile, on May 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extensions or thigh of $4043.40.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has risen to level 81 of the Relative Strength Index period 14. Similarly, the altcoin is at 90% range of the daily stochastic. The price indicators have indicated that Ether has reached the overbought region of the market. The implication is that Ether has no enough room to rally on the upside.

ETH/USD – 4 Hour Chart

Conclusion
On the 4-hour chart, Ethereum is in a strong uptrend. The bulls broke the resistance at $3,524. Meanwhile, on May 4 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that Ethereum will rise to level 1.618 Fibonacci extension or the high of $3,678.94.

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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.