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

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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/USD – Daily Chart

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.

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.