Ethereum (ETH) Price Analysis: Ether Retests the $2000 Overhead Resistance, Faces Rejection


Key Highlights
Ethereum rallies to $1,943 high
Ether targets to breach the $2,000 overhead resistance

Ethereum ETH) Current Statistics
The current price: $1,904.31
Market Capitalization: $218,805,902,586
Trading Volume: $25,071,245,781
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 14, 2021
Today, Ether rebounded above the $1,730 support as price reached the high of $1943. The uptrend is facing another rejection at the $2,000 overhead resistance zone. Traders believe that a breakout above the $1,800 resistance will catapult the ETH/USD above the $2,000 high. In the previous price action, the crucial resistance at $1,800 was not broken convincingly. Ether is falling after the recent resistance. Ether may decline to $1,600 or $1,400 low if the bulls fail to sustain the bullish momentum above the $1,800 high.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The coin is at 61 of the Relative Strength Index. This indicates that Ether is in the uptrend zone and has enough room to rally on the upside. Ethereum is above the 80% range of the daily stochastic. It indicates that the coin is in the bearish momentum. Perhaps, this is the reason for the recent fall.

ETH/USD – Daily Chart

The biggest altcoin is likely to retest the $2,000 overhead resistance but will reverse. 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 $1,994. 44. The market will reverse and return to 78.6% where it originated.

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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.