Ethereum (ETH) Price Analysis: Ether Recovers Above Level $3,600, the Uptrend Is Facing Rejection at Level $3,900

Azeez Mustapha
16 May 2021 | Updated: 16 May 2021

Key Highlights
Ethereum retraces and finds support above $3,600
The upward move is facing rejection at $3,900

Ethereum ETH) Current Statistics
The current price: $3,847.20
Market Capitalization: $445,902,612,510
Trading Volume: $40,196,938,842
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 16, 2021
Ethereum is in a downward correction after its rejection from the $4,400 resistance zone. The biggest altcoin fell to the low of $3,600 and resumed a sideways move. Presently, the altcoin is fluctuating between $3,600 and $4,100. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 1.272 Fibonacci level and reverse. That is the high of $5,010.83.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 61 of the Relative Strength Index period 14. It indicates that the altcoin is in the bullish trend zone and capable of rising on the upside. The altcoin is above the 30% range of the daily stochastic. It indicates that the market is in a bullish momentum.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has been in a downward move. On the 4-hour chart, Ether price is making a series of lower highs and lower lows. Meanwhile, on May 10 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that the coin will rise to level 1.618 Fibonacci extension or the high of $4,718.06. From the price action, the market has reached the high of $4,740.65

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Azeez Mustapha

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.