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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 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.
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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