Ethereum (ETH) Price Analysis: Ether Recovers and Resumes a Brief Rally, Faces Initial Resistance at $1,720

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Key Highlights
Ethereum plunged to $1,560 support after retesting the $1,740 high
The biggest altcoin recovers as bulls buy the dips

Ethereum ETH) Current Statistics
The current price: $1,716.07
Market Capitalization: $197,697,937,620
Trading Volume: $17,205,200,124
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 28, 2021
Following its fall to $1,560 low, ETH price rebounded at the recent support as price reached the high of $1,711.50. The current bullish movement is facing minor resistance at the recent high. Ether is retesting the resistance at $1,740 where the crypto was initially repelled. If buyers can push Ether above the $1,740 resistance, the biggest altcoin will rise on the upside. However, the upward move may face resistance at the $1,760 or $1,800 high. Nonetheless, if this resistance level is cleared, a retest at the $2,000 overhead resistance is likely.

ETH Technical Indicators Reading
After the recent fall, the crypto fell to level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. Ether tested the bullish trend line and rebounded on the upside. Ether price is above 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The crypto may fall if sellers emerge in the overbought region.

Conclusion
Ethereum is making an upward move after its recent fall. Nevertheless, a Fibonacci tool has indicated a further upward movement of the coin. Meanwhile, on March 27 uptrend, Ether was resisted at the $1,720 high. The retraced candle body tested the 78.6% Fibonacci retracement level. This implies that ETH will rise to level 1.272 Fibonacci extensions or a high of $1,764.33 ad reverse. The coin will reverse and return to the 78.6% Fibonacci extension where it originated.


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