Ethereum (ETH) Price Analysis: Ether Retraces From the Overbought Region, May Find Support Above $3,000

Azeez Mustapha
15 August 2021 | Updated: 15 August 2021

Key Highlights
Ethereum faces rejection at the high of $3,329
Ether’s retracement reach bearish exhaustion

Ethereum ETH) Current Statistics
The current price: $3,162.87
Market Capitalization:$371,429,944,001
Trading Volume: $19,029,634,853
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $2400,, $2,200, $2,000

Ethereum (ETH) Price Analysis August 15, 2021
On August 13, Ether rallied to the $3,329 high but could not break above the recent high. The bulls retested the recent high twice before they were repelled. The market declined to the low of $3,208 as bulls bought the dips. The upward correction reached the high of $3,280 before facing another rejection. As the upward correction was repelled, Ether is likely to further decline to the low of $3,000. The altcoin will resume upside momentum if the altcoin finds support above the recent low.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Sellers have emerged in the overbought region as Ether declines. Presently, Ether is at level 65 of the Relative Strength Index period 14. The altcoin is still in the bullish trend zone and capable of rising on the upside. On the 1-hour chart, the altcoin is below the 20% range of the daily stochastic. This is suggesting that buyers are likely to emerge in the oversold region.

Conclusion
Ethereum has been falling after the rejection from the previous highs. The crypto is consolidating above the $3,100 support. It is signaling a possible reversal of the bearish trend. Meanwhile, on August 14 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.0 Fibonacci extensions or level 3079.66.

ETH/USD – 1 Hour Chart

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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.