Ethereum (ETH) Price Analysis: Ether Slumps To $2,200 Support, Upward Move Likely

18 April 2021 | Updated: 18 April 2021

Key Highlights
Ethereum rallies to a high of $2,544
Ethereum retraces but may find support above $2,200

Ethereum ETH) Current Statistics
The current price: $2,309.57
Market Capitalization: $267,818,777,415
Trading Volume: $33,860,619,735
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 18, 2021
Ethereum bulls pushed the biggest altcoin to a high of $2,544 but could not continue with the uptrend. Before now Ether was struggling to break the resistance at $2,200 and $2,300. The bulls were successful as price reached a high of $2,544. Nevertheless, Ether is facing resistance at the recent high. The biggest altcoin has fallen to a low $2,242.80 and pulled back. It appears the current support is likely to hold. Meanwhile, on April 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that ETH will rise to level 1.618 Fibonacci extensions or the high of$2896.58.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen from level 75 to level 60 of the Relative Strength Index period 14. ETH is still in the uptrend zone and capable of rising. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has fallen and reached bearish exhaustion. On the 4-hour chart, and on April 16 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Ethereum will fall to level 1.618 Fibonacci extension or the low of $2,188.66. From the price action, the biggest altcoin has fallen to $2,242.80 and it pulling back.

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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.