Ethereum (ETH) Price Analysis: Ether Retraces After Rejection, May Find Support Above $1,700

Ethereum (ETH) Price Analysis: Ether Retraces After Rejection, May Find Support Above $1,700

Key Highlights
Ethereum is retracing and may find support above $1,700
The bulls failed to break above the peak price of $1,874

Ethereum ETH) Current Statistics
The current price: $1,749.39
Market Capitalization: $199,631,257,252
Trading Volume: $33,419,610,063
Major supply zones: $1,500, $1,600, $1,700
Major demand zones: $600, $500, $400

Ethereum (ETH) Price Analysis February 17, 2021
Ethereum bulls have failed to attain the $2000 price level. After attaining a high of $1,874, Ether has continued to fall. Yesterday, it fell to $1.725 and corrected upward. Today, it is falling from the recent high of $1.787. The downtrend will continue if the price breaks below the previous low of $1,725. Today, the biggest altcoin has fallen to the low of $1,753 at the time of writing. On the upside, if the price breaks above $1,874, the uptrend will resume. On the downside, if the price falls and finds support above $1,700, the selling pressure will be exhausted.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The Relative Strength Index period 14 indicates that Ether has fallen to level 61 of the Relative Strength index Period 14. The price is falling and approaching the 21-day SMA. The selling pressure will resume if price breaks below the SMAs.

ETH/USD – Daily Chart

Conclusion
The biggest altcoin is retracing from the peak price. The uptrend will resume when price finds support above previous lows. On February 5 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.272 Fibonacci extensions or a high of $1,893 and reverse. However, the price will reverse and return to 78.6% Fibonacci retracement where it originated. The price is presently reversing.


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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.