Ethereum (ETH) Price Analysis: Ether Resumes Downtrend, Unable To Sustain Above The $2,400 High

Ethereum (ETH) Price Analysis: Ether Resumes Downtrend, Unable To Sustain Above The $2,400 High

Key Highlights
Ethereum faces rejection twice at the $2,600 resistance
Ether resumes downtrend breaks 21-day SMA

Ethereum ETH) Current Statistics
The current price: $2,193.03
Market Capitalization: $253,577,098,826
Trading Volume: $29,915,500,106
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 25, 2021
Ethereum’s uptrend is facing rejection at the $2,600 resistance zone. On April 15, the bulls were repelled at the $2,600 resistance zone. The biggest altcoin fell to $2,100 and resumed upward to retest the previous highs. On April 22, there was price spike that broke the overhead resistance. However, the bulls could not sustain the uptrend as price plunged on the downside. Selling pressure is likely to resume on the downside.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether price is attempting to break below the 21-day SMA; A break below the moving averages will accelerate the downward movement of prices. Presently, the crypto’s price is above the 21-day SMA and 50-day SMA which suggests a rise in price movement.

ETH/USD – 4 Hour Chart

Conclusion
On the 4-hour chart, the Ethereum price is in a downward move. The altcoin dropped to $2,100 low as price corrected upward. The upward correction faces rejection at $2,400. The implication is that the downtrend is likely to continue. Meanwhile, on April 23 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Ethereum will fall to level 1.618 Fibonacci extension or the low of $1,799.83.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.