Ethereum (ETH) Price Analysis: Ether Resumes a New Uptrend, Rallies Above $4,000 Overhead Resistance

20 October 2021 | Updated: 20 October 2021

Highlights
Ethereum price break above $4,000 resistance zone
Ether will rally to $4,500

Ethereum ETH) Current Statistics
The current price: $4,083.74
Market Capitalization: $481,904,311,256
Trading Volume: $18,827,124,887
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 20, 2021
Since October 15, Ethereum’s (ETH) price has been consolidating below the $4,000 resistance zone. Today, the bulls have broken above the $4,000 resistance zone. The uptrend is likely to continue on the upside. Since September 3, the $4,000 resistance level has not been broken. If buyers are successful, Ethereum will rally to $4,500.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 67 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is approaching the overbought region. The altcoin will soon reach the overbought region at level 70. However, ETH/USD is above the 80% range of the daily stochastic. The market is in a bullish momentum and has reached the overbought region. The crypto’s price is still above the moving average as the market resumes upside momentum.

Conclusion
On the 4-hour chart, Ether’s price has broken above the $4,000 resistance zone. Buyers make attempt to sustain the bullish momentum. On October 16, the bulls were repelled at the same resistance level. The biggest altcoin dropped to $3,750 low as bulls bought dips. Meanwhile, on October 16 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extension or level $4,300.10 .

ETH/USD – 4 Hour Chart

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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.