Ethereum (ETH) Price Analysis: Ether Slumps a It Faces Rejection at $2,800

Ethereum (ETH) Price Analysis: Ether Slumps a It Faces Rejection at $2,800

Key Highlights
Ethereum faces rejection from the $2900 resistance
The biggest altcoin is likely to resume a downward move

Ethereum ETH) Current Statistics
The current price: $2,725.44
Market Capitalization : $314,627,231,432
Trading Volume: $27,332,190,526
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $1,800, $1,600, $1,400

Ethereum (ETH) Price Analysis June 6, 2021
Ethereum is falling after facing rejection at the recent high of $2,700. The biggest altcoin is making series of lower highs and lower lows. The selling pressure will persist if price breaks below the moving averages. On June 4 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.618 Fibonacci extension or level $2,124.87.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 47 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping and pointing downward indicating the downtrend. Ether is below the 40% range of daily stochastic. It indicates that the market is in a bearish momentum.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is in a downward movement as it faces rejection at the $2,900. Ether price has broken the 21-day SMA and it is approaching the 50-day SMA. When the crypto’s price is below the moving averages the market will tend to fall.

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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.