Ethereum (ETH) Price Analysis: Ether Recovers Above $1,400, Resumes Up trending

Ethereum (ETH) Price Analysis: Ether Recovers Above $1,400, Resumes Up trending

Key Highlights
Ethereum slumps to $1,386.36 low and resumes upward
The crypto has resumed upward and targets the $2,000

Ethereum ETH) Current Statistics
The current price: $1,629.44
Market Capitalization: $187,011,986,101
Trading Volume: $50,431,709,770
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis February 24, 2021
Following the recent breakdown on February 20, the biggest altcoin has further declined to the low of $1,360 but pulled back. Buyers are attempting to push the price upward but are facing minor resistance above $1,600 high. Ether is trading at $1,623.30 at the time of writing. On the upside, if buyers push price above $1,800, the coin will resume upside momentum. Besides, Ether will be out of the bearish trend zone. Conversely, if the bears break below the current support at $1,400, the crypto will further depreciate to $1,200 or $1,000 low.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto currency is in a bullish momentum above the 30% range of the daily stochastic. The crypto’s price fell to the support of the 50-day SMA. It is an indication of further upward movement of the coin. The downtrend would have continued if price breaks below the 50-day SMA and closed.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum fell and it is consolidating above the $1,400 support. According to the Fibonacci tool, the selling pressure has been exhausted. On February 20 downtrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. This retracement implies that ETH will fall to level 2.618 Fibonacci extensions or a low of $1,386.36. The price action has tested the support level and pulled it back.

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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.