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

28 March 2021 | Updated: 28 March 2021

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/USD – Daily Chart

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.

ETH/USD – 4 Hour Chart

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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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.