Ethereum (ETH) Price Analysis: Ether Reaches the Overbought Region, Faces Rejection at $3,960

Key Highlights
Ethereum rallies to $4,024 high
Ether faces rejection to the $3,960 high

Ethereum ETH) Current Statistics
The current price: $3,935.83
Market Capitalization: $462,706,079,058
Trading Volume: $18,759,892,871
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 5, 2021
Ethereum (ETH) has made impressive bullish runs as it reached $4,000 high and pulled back. The uptrend is stalled at the $3,960 high. The biggest altcoin has been struggling to break above the recent high for the past five days. Ether upward move is doubtful as the altcoin reaches the overbought region. Meanwhile, on August 23 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 $3,793. From the price action, the crypto has broken above the Fibonacci level and it is struggling below the $3,960 high.

ETH Technical Indicators Reading
ETH is at level 71 of the Relative Strength index period 14. It indicates that the market has reached the overbought region. The implication is that a further upside move is unlikely on the upside. 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
On the 1 – hour chart, Ether’s price corrected upward but faces rejection at $3,960.00. The altcoin is likely to fall as the market reaches the overbought region. Meanwhile, on September 3 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the market will fall to level 1.618 Fibonacci extensions or level $3,769.04.

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