Ethereum (ETH) Price Analysis: Ether Resumes Selling Pressure, Unable to Break $3,320 Resistance.

Azeez Mustapha
22 August 2021 | Updated: 22 August 2021

Key Highlights
Ethereum consolidates below $3,320 resistance
The biggest altcoin targets level $3,863.67 high

Ethereum ETH) Current Statistics
The current price: $3,175.21
Market Capitalization: $372,168,348,684
Trading Volume: $15,651,734,389
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 22, 2021
Ethereum’s (ETH) price has been consolidating below $3,320 resistance for the past three days. On August 21, the bears pushed Ether to the low of $2,993.90 as bulls bought the dips. The upward correction has been terminated as the biggest altcoin resumes a downward move. Meanwhile, on August 14 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.618 Fibonacci extension or level $3,863.67. Ethereum appears to be retracing on the downside.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 62 of the Relative Strength index period 14. It indicates that the market is in the bullish trend zone and it is capable of rising on the upside. The biggest altcoin is below the 50% range of the daily stochastic. It indicates that the coin is in a bearish momentum. The 21-day SMA and 50-day SMA are pointing upward indicating the uptrend.

ETH/USD – 4 Hour Chart

Conclusion
Presently, Ethereum is in a downward move but the crypto has a bullish market direction. The uptrend will resume after the present retracement. Meanwhile, on August 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will rise but reverse at level 1.272 Fibonacci extensions or level $3,399.32. From the price action, the crypto is retracing.

 

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Azeez Mustapha

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.