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

13 October 2021 | Updated: 13 October 2021

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/USD – Daily Chart

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.

ETH/USD – 1 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.