Ethereum (ETH) Price Analysis: Ether Reaches an Overbought Region at Level $3,740 as Sellers Emerge

Azeez Mustapha

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Key Highlights
Ethereum rallies to an overbought region at $3,740.29
Ether is likely to resume downward

Ethereum ETH) Current Statistics
The current price: $3,691.64
Market Capitalization: $433,201,891,415
Trading Volume: $30,084,700,613
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 1, 2021
Ethereum (ETH) is in an upward move. The bulls have broken above the $3,400 resistance zone as the altcoin resumes an uptrend. The market is approaching the overbought region. Therefore, the uptrend is likely to be short-lived. Meanwhile, on August 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will rise to level 1.272 Fibonacci extensions or level $3,740.29. From the price action, the market has reached a high of $3,594.80.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
ETH is at level 68 of the Relative Strength index period 14. It indicates that the market is approaching the oversold region of the market. The current uptrend will soon reach bullish exhaustion. In the overbought region, sellers will emerge to push prices down. Ether is above the 80% range of the daily stochastic. It indicates that the altcoin is in the overbought region of the market.

Conclusion
Ethereum has resumed upside momentum as it breaks above the resistance at a level of $3,400. Meanwhile, on August 28 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. It indicates that the market will rise to level 2.618 Fibonacci extensions or level $3, 62.49.

ETH/USD – 4 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.

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