Ethereum (ETH) Price Analysis: Ether Resumes an Uptrend, Faces Rejection at Recent High

Highlights
Ethereum recovers above $4,000 support
Ether reaches an overbought region

Ethereum ETH) Current Statistics
The current price: $4,378.89
Market Capitalization: $518,599,081,409
Trading Volume: $13,841,659,212
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 21, 2021
On November 18, Ethereum’s (ETH) price dropped to the low of $3,959 as bulls bought the dips. Today, the ETH price has risen to $4,438 but is facing resistance at the recent high. The biggest altcoin is now above the 50-day line SMA but below the 21-day line SMA. Ether will regain its bullish momentum if price breaks above the 21-day SMA. However, if price breaks below the 50-day line SMA, the selling pressure will resume. However, Ethereum will continue to fluctuate between the moving averages if the lines remain unbroken.

ETH Technical Indicators Reading
Ethereum is at level 49 of the Relative Strength Index for period 14. The index indicates that there is a balance between supply and demand. The 21-day line and 50-day line moving averages are sloping upward indicating an uptrend. Ether has risen to the overbought region as it is above the 80% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 4 hour chart, ETH/USD has resumed uptrend as price breaks above the moving averages. Ether price is falling as it reaches the overbought region. Meanwhile, on November 20 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extensions or $4,554.67.

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