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

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

Conclusion
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.

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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