Ethereum (ETH) Price Analysis: Ether Resumes Uptrend After a Minor Retracement

Ethereum (ETH) Price Analysis: Ether Resumes Uptrend After a Minor Retracement

Key Highlights
Ethereum faces rejection at the $1,880 high
The crypto fell and found support above the 21-day SMA

Ethereum ETH) Current Statistics
The current price: $1,803.14
Market Capitalization: $207,394,211,073
Trading Volume: $23,213,843,998
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 10, 2021
Ethereum’s upward move faces rejection at the $1,880 high. Buyers intended to retest the $2,000 overhead resistance but were repelled. The bulls could not sustain the bullish momentum above $1,800 resistance. Buyers retested the resistance twice before they were overpowered by sellers. Today, Ethereum is retracing on the downside. If price retraces to the 21-day SMA and finds support, the biggest altcoin will begin the resumption of an upward move. Otherwise, the retracement will continue.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Presently, the crypto’s price is above the 21-day SMA and the 50-day SMA which indicates that Ethereum is in the bullish trend zone. The coin is capable of a further upward move. However, if the price breaks below the SMAs, Ether will begin a downward move. The coin is at 57 of the Relative Strength Index. This indicates that Ether is above the centerline 50.

ETH/USD – 4 hour Chart

Conclusion
Ethereum is still trading in the bullish trend zone despite the retracement. The coin will rise after a retracement. On March 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that ETH will rise to level 1.272 Fibonacci extensions or a high of $1,995. 89. The crypto is expected to reverse at the recent high.

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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.