Ethereum (ETH) Price Analysis: Ether Resumes Downtrend, Faces Rejection at $3,600 High

Highlights
Ethereum price declines to $3,400 low and corrected upward
The selling pressure may continue on the downside

Ethereum ETH) Current Statistics
The current price: $3,518.37
Market Capitalization: $414,860,856,848
Trading Volume: $15,140,626,861
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 13, 2021
Ethereum’s (ETH) price is making a downward move after rejection at the $3,600 resistance. On October 6 uptrend; buyers pushed the biggest altcoin to the high of $3,632 but could not continue the bullish momentum. On October 10, the biggest altcoin dropped to $3,409 as bulls bought the dips. Ether price corrected upward to $3,622 but was resisted again. The market has started declining. Meanwhile, on October 11 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.618 Fibonacci extension or level $2,850.05.

ETH Technical Indicators Reading
The biggest altcoin is at level 53 of the Relative Strength index period 14. The altcoin is still in the uptrend zone and capable of a further upward move. The moving averages are still flowing upward indicating the uptrend. Ether has fallen to the oversold region but above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

Conclusion
On the 4-hour chart, Ethereum has fallen to the low of $3,400 but it is hovering above. Meanwhile, on October 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extension or level $3,330.08.

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